Austrac has completed the executable commitment (EU) with the Australian National Bank (NAB), after the bank satisfied its obligations under the agreement.
The EU, which was accepted in April 2022, was introduced by NAB and 4 other companies related to NAB to address deficiencies in accordance with Australian laws against money laundering and anti -terrorist funding (AML/CTF).
The EU specifically aimed at addressing concerns about NAB’s customer recognition processes, continuing proper customer diligence and adopting and maintaining a compatible AML/CTF program.
Austrac CEO Brendan Thomas said NAB has shown a commitment to continuous compliance and to deal with the dangers and damage that puts serious and organized crime.
An independent external controller found that NAB satisfied the EU terms, underlining the bank’s commitment to transparency, accountability and commitment to sustainable rehabilitation.
The external controller also made recommendations outside the EU implementation scope to further strengthen the Bank’s AML/CTF program, including trading and security framework. NAB has accepted all recommendations.