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National Australia Bank AML undertaking lifted, Australian watchdog announces

( July 25, 2025, 03:23 GMT | Official Statement) -- MLex Summary: An anti-money laundering undertaking imposed on National Australia Bank in 2022 has been lifted, with Australia’s financial-crime watchdog saying the bank had satisfied its obligations under the agreement. In a statement, the Australia Transaction Reports and Analysis Centre said the enforceable undertaking accepted by NAB and four other NAB-related companies had been specifically aimed at addressing concerns over the bank’s customer-identification procedures, ongoing customer due diligence and the adoption and maintenance of a compliant anti-money laundering program. Austrac CEO Brendan Thomas said while the decision to lift the undertaking reflected progress made by the bank, it didn’t amount to a “clean bill of health.”The full Austrac statement follows: ...

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