An Australian lender and insurance provider has reported shortcomings to the financial crime watchdog, just weeks after Westpac was sued over millions of payments in breach of money laundering law.
During its annual general meeting in Sydney, NAB told shareholders it had self-reported shortcomings in its anti-money laundering systems to AUSTRAC, adding that the bank’s systems had already been upgraded.
NAB chairman Philip Chronican also told Reuters the shortcomings were “not of the scale reported in other organisations” and that he was not aware of any impending action from Austrac “but we really won’t know until we have fixed those issues.”
