NAB is facing a significant financial penalty from the financial intelligence regulator after self reporting a large number of breaches of anti-money laundering and counter-terrorism laws and says there may be more to come.
The bank is still working on fixing shortcomings within its anti-money laundering and counter-terrorism financing systems more than two years after flagging issues with know-your-customer requirements.
The bank said it self-reported “a number of issues” to the financial intelligence regulator and peer authorities after discovering the problems. It again flagged the potential for significant fallout in the bank’s annual report released this morning.
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