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.
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Brooke is a Junior Financial Journalist at the Motley Fool Australia. Brooke s interests in finance and the share market evolved during her time at Charles Sturt University. There, she studied a Bachelor of Communication, majoring in journalism and sub-majoring in international relations. In her spare time, you ll find Brooke gallivanting around South East Queensland, no doubt with her dog in tow.
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June 3, 3:40pm AEST
June 3, 3:40pm AEST
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 circuit courts have now rejected the Second Circuit's "predominantly foreign" exception to Morrison's "domestic transactions" test, which raises the prospect of inconsistent.