Latest Products

AUSTRAC accepts an EU

Friday 25 November 2022



The Australian Transactions Reports and Analysis Centre (AUSTRAC ) has accepted an enforceable undertaking from ING after it reported challenges in its anti-money laundering and counter-terrorist financing compliance program.

AUSTRAC CEO Nicole Rose said in an official statement, "ING has been fully cooperating with AUSTRAC throughout our regulatory inquiries and has demonstrated an ongoing commitment to addressing concerns about the effectiveness of their AML/CTF systems and controls."

AUSTRAC highlighted their expectations as part of the EU:

  • AML/CTF program;
  • ML/TF risk assessment;
  • IFTI and SMR reporting; and
  • transaction monitoring.
 
"I would like to acknowledge the significant work already undertaken by ING in identifying and implementing improvements to their programs. We look forward to continuing to work with them to ensure they meet their obligations under the AML/CTF Act.”
 
An EU for NAB
ING is the second bank for the year from which the Austrac has accepted an EU. National Australia Bank (NAB)  is expected to improve its financial crime compliance:


AUSTRAC identified non-compliance in targeted compliance assessments, as well as through self-disclosures from NAB. AUSTRAC notified NAB of the formal enforcement investigation into five NAB reporting entities in June 2021, following ongoing regulatory engagement. 

These enforceable undertakings come years after the risk assessment of the banking sector found that banks are high-risk.