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NAB Enforceable Undertaking

Friday 6 May 2022

This week saw the Australian Financial Intelligence Unit (FIU) accept its first enforceable undertaking for the year.

This comes after the Australian Transaction Reports and Analysis Centre (AUSTRAC) identified the concerns and began formal enforcement investigation into five National Australia Bank (NAB) entities.

According to the official statement from the financial intelligence unit the bank has undertaken a remediation plan to address the compliance challenges:

  • the NAB designated business group AML/CTF Program
  • applicable customer identification procedures
  • customer risk assessment and enhanced customer due diligence
  • transaction monitoring
  • governance and assurance.
The final report from the independent auditor will be delivered to Austrac in 2025.
AUSTRAC CEO Nicole Rose  said in an official statement, “All AUSTRAC regulated businesses have a responsibility to have measures in place to protect the community from serious and organised crime. When these obligations are not met, AUSTRAC will not hesitate to draw on our range of regulatory tools and enforcement powers to maintain public confidence in Australia's financial system.”