AUSTRAC has finalized the Enforceable Undertaking (EU) with National Australia Bank Limited (NAB), initially agreed upon in April 2022. This marks the conclusion of the EU, which aimed to improve NAB's compliance with Australia's anti-money laundering and counter-terrorism financing laws.
NAB CEO Andrew Irvine expressed satisfaction with the finalization of the EU. "Through a transparent and constructive process with AUSTRAC and the external auditor, NAB has transformed our approach to managing financial crime," Mr. Irvine stated.
The auditor provided additional recommendations beyond the EU's scope. Mr. Irvine confirmed that NAB is committed to implementing these further recommendations.
"We remain focused on the challenges that financial crime presents to our customers and society. Banks play a critical role in monitoring and reporting suspicious, and potentially criminal, activity and we will continue to make investments that help to keep our customers, communities, and bank safe," Mr. Irvine said.
NAB entered into the EU on its own behalf and on behalf of several Group members: JBWere Limited; Wealthhub Securities Limited; Medfin Australia Pty Ltd; and AFSH Nominees Pty Ltd.
A copy of this announcement can be viewed on the ASX website, while AUSTRAC’s announcement is available on their website.