Australia s NAB says regulator probing bank s compliance with anti-money laundering laws Toggle share menu
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Australia s NAB says regulator probing bank s compliance with anti-money laundering laws
A pedestrian walks past a branch of the National Australia Bank (NAB) in Sydney on May 5, 2016. (Photo: AFP/Peter Parks)
07 Jun 2021 08:43AM (Updated:
07 Jun 2021 08:50AM) Share this content
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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.
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SYDNEY (Reuters) - National Australia Bank (NAB) on Friday declined to rule out buying the local consumer finance and credit card operations of Citigroup Inc, which unveiled plans to exit some businesses in Asia and Europe overnight.
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Citi, the fifth-largest provider of credit cards in Australia behind NAB and the country’s other three major lenders, on Thursday said it would exit retail banking in Australia, Korea and 11 other markets across Asia and Europe.
Facing questions at a parliamentary committee about the high concentration of Australia’s banking system and whether NAB would be interested in a deal with Citi, NAB Chief Executive Officer Ross McEwan declined to rule out or comment on any specific transaction.