NAB reports onboarding issues while Australian banks struggle with compliance

Friday 17 November 2017 10:02 CET | News

National Australia Bank (NAB) has found that some customer monitoring systems have some weaknesses in them, according to the bank’s annual report.

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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Keywords: NAB, Westpac, ANZ, AML, KYC, compliance, Australia, counter terrorist financing, onboarding, digital onboarding
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions