What I take from the latest news mate.... Concerns regarding its compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) rules.
The concerns stem from the seriousness of self-disclosed matters presented to AUSTRAC over a prolonged period, combined with the accompanying closure rates.....so NAB have on the face of it nothing to hide....they have admitted they have some problems...
The issues are both historical and contemporary.
Even in the absence of civil penalties, this development could still have material consequences for NAB, with the possibility of a further investment in AML processes and systems that could: 1) inflate the cost base 2) put in jeopardy the ambition of “lower absolute costs” over the FY23–25 period 3) cause significant distraction to the group. 4) customer identification procedures 5) ongoing customer due diligence 6) compliance with Part A of a joint AML/CTF program.
The concerns cover five reporting entities: 1) NAB Limited 2) JBWere Limited 3) Wealth hub Securities Limited 4) Medfin Australia Pty Ltd 5) AFSH Nominees Pty Ltd.Historical and contemporary compliance assessments.
NAB has disclosed potential AML issues in its contingent liability note since 2017, including issues that have been self-reported to AUSTRAC...so this Is not new news...hence I think why the share price has been retarded somewhat...
NAB has identified issues with collection and verification of identity information and enhanced customer due-diligence for non-individual customers....so they are certain that they have more improvement in security...but then with what has been happening with hacking of mainstream multi national corps...they are not alone there....
The issue is likely to drag on for some time...so for a trader like me it will have a great volume base...so its always nice to know what im dealing with...CBA is over valued so I see more value here in the NAB....all the best with your trades & investments mate...
NAB Price at posting:
$26.77 Sentiment: Buy Disclosure: Held
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