Australia's NAB says regulator probing bank's compliance with anti-money laundering laws

Concerns over the bank's "potential serious and ongoing non-compliance" with customer identification procedures, customer due diligence and compliance have been referred to AUSTRAC's enforcement team, which has initiated a formal investigation, NAB said

SYDNEY: National Australia Bank on Monday said Australia's financial crime regulator has begun an investigation after it identified serious concerns with the bank's compliance with anti-money laundering and counter-terrorism laws.

Concerns over "potential serious and ongoing non-compliance" with customer identification procedures, customer due diligence and compliance have been referred to AUSTRAC's enforcement team, which has initiated a formal investigation, the lender said.