Sumary of The brutal reality for NAB: Regulatory problems have been a recurring theme for years:
- Others revealed that in 2018 NAB had breached its anti-money laundering and counter terrorism financing (AML/CTF) “know your customer”.
- NAB has been disclosing in its annual reports that it has been working on issues in its AML-CTF program since July 2016 and has spent hundreds of millions of dollars upgrading the systems but the documents reveal the extent of the issues..
- ratings for compliance risk “indicates that NAB will be subject to oversight and ‘hand-holding’ for years to come.”.
- Labor senator Deborah O’Neill has written to ASIC in relation to NAB anti money laundering compliance issues..
- The minutes noted that Henry questioned the usefulness of risk limits such as having red-flag transactions for issues like money laundering..
- “On compliance risk always you can argue that you can put more resources in but in reality he has no idea if NAB have enough or not.”…