National Australia Bank Advised Of Referral To AUSTRAC Enforcement Team; Stock Down
CANBERA (dpa-AFX) - Shares of National Australia Bank Ltd. (NAUBF.PK, NABZY.PK, NAB.AX) or NAB were losing around 3 percent in Australian trading after Australian Transaction Reports and Analysis Centre or AUSTRAC informed that it has identified serious concerns with NAB s compliance with the Anti-Money Laundering or AML and Counter-Terrorism Financing or CTF Act 2006 and the Anti-Money Laundering and Counter-Terrorism Financing Rules 2007.
The concerns have been referred to AUSTRAC s enforcement team, which has initiated a formal enforcement investigation.
In a letter dated June 4, AUSTRAC advised NAB that it is the agency s view that there is potential serious and ongoing non-compliance with customer identification procedures, ongoing customer due diligence and compliance with Part A of NAB s AML/CTF Program.
This edition of the Update covers: 1. Recent legal and regulatory developments, including the release of ASIC's immunity policy for market misconduct offences, a FATF.
Two men have been sentenced after their two separate attempts to import illicit tobacco products were thwarted by the Australian Border Force (ABF). On.
May 25, 2021
In the southern Australian state of Victoria and the royal commission investigating the license suitability of casino operator Crown Resorts Limited has reportedly heard damning evidence regarding the firm’s stance on allegations of money laundering.
According to a report from News Corp Australia, the Melbourne-headquartered company was denied a casino license for its new Crown Sydney property in February after an official probe commissioned by the New South Wales Independent Liquor and Gaming Authority determined that it may have been complicit in a slew of money laundering offenses tied to its use of foreign junket firms. The source detailed that this prompted the government for the neighboring state of Victoria to initiate an analogous examination looking into the operator’s license for the giant Crown Melbourne development.
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