AUSTRAC has finalised the Enforceable Undertaking (EU) with National Australia Bank (NAB) after the bank satisfied its obligations under the agreement.
The EU, accepted in April 2022, was entered into by NAB and 4 other NAB related companies to address shortcomings in compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
The EU specifically aimed to address concerns regarding NAB’s customer identification procedures, ongoing customer due diligence and the adoption and maintenance of a compliant AML/CTF program.
AUSTRAC CEO Brendan Thomas said NAB has demonstrated a commitment to ongoing compliance and to tackling the risks and harms posed by serious and organised crime.
An independent external auditor found NAB had satisfied the terms of the EU, highlighting the bank’s commitment to transparency, accountability and commitment to sustainable remediation.
The external auditor also made recommendations outside the EU scope to further enhance the bank’s AML/CTF program, including around transaction monitoring and assurance frameworks. NAB has accepted all recommendations.
