NAB's document only gave limited detail, but revealed there had been shortcomings in its "know your customer" systems, which are used by banks to check customers' identities. It also pointed to "issues" in its transaction monitoring in some parts of the bank.!
NAB bank did not put a dollar figure on the size of the potential costs from these "weaknessses."
These laws are enforced by Austrac, the financial intelligence regulator, which will possibly allege a mass breach by the National Australia Bank.!
NAB money laundering and counter-terrorist financing laws
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