These potential issues have been found in the areas of ‘Know Your Customer’ systems and relate to complying with money-laundering and counter-terrorist financing laws. NAB’s largest rival, Commonwealth Bank of Australia, may go through a board spill at its annual general meeting over its handling and disclosure of large-scale breaches of the laws. Australia’s money-laundering watchdog, AUSTRAC, accused CBA of having over 50,000 breaches of its rules, according to IBS Intelligence.
NAB, Westpac and ANZ, have claimed to have been cleared by the regulatory body of any of these types of breaches. Nevertheless, AML and counter-terrorism still present a significant issue.
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