Australia & New Zealand Banking Group Ltd. said it is in compliance with anti-money laundering regulations following a report that linked the bank with Commonwealth Bank of Australia's alleged anti-money laundering violations.
In a statement, ANZ said the Australian Transaction Reports and Analysis Centre, or AUSTRAC, found no evidence of noncompliance with anti-money laundering regulations following its review of the bank's ATMs and intelligent deposit machines in late 2015. The report on the review was relayed to the bank in February 2017.
The bank was responding to an Aug. 8 report from The Australian Financial Review which linked it and Westpac Banking Corp. with alleged anti-money laundering violations at rival Commonwealth Bank of Australia.
According to the report, it is likely that crime syndicates identified in AUSTRAC's civil lawsuit against Commonwealth Bank of Australia used other banks such as ANZ and Westpac to launder money. ANZ and Westpac were not mentioned in AUSTRAC's lawsuit.
Commonwealth Bank of Australia is expected to inquire into whether the two banks made sufficient disclosures of the suspected trading, according to the publication.
Westpac declined to comment on individual cases, but noted that it has 'robust systems' in place to detect and report suspicious transactions, the report added.