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National Australia Bank reports anti-money laundering shortcomings to regulator


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National Australia Bank reports anti-money laundering shortcomings to regulator

National Australia Bank Ltd. said it voluntarily reported shortcomings in its anti-money laundering systems to financial authorities, following an Australian watchdog filed a suit against Westpac Banking Corp. about a month ago for allegedly breaching anti-money laundering and counterterrorism financing laws, Reuters reported Dec. 18.

The comment also came a day after the Australian Securities & Investments Commission, or AUSTRAC, filed a lawsuit against the lender over charging fees for no service from December 2013 to February 2019.

The bank's chairman, Philip Chronican, told shareholders Dec. 18 that the company had self-reported its shortcomings to AUSTRAC and said that the systems have been upgraded. Chronican also told reporters that he was unaware of any impending action from AUSTRAC, adding that the shortcomings did not match the scale reported by other banks, according to the report.

Reuters added that the bank could be fined an estimate of up to A$9.75 billion. However, the regulator has not yet disclosed any penalties.