By Alice Uribe

SYDNEY – The National Australia Bank Ltd. will undergo a formal review by the Australian Financial Intelligence Authority on concerns that it has violated anti-money laundering and terrorist financing regulations.

The Australian bank said AUSTRAC signaled in a letter dated Jan.

These concerns have been passed on to AUSTRAC’s enforcement team, which has opened a formal investigation, NAB said.

Nevertheless, AUSTRAC said in the letter that it had not made a decision as to whether enforcement measures would be taken and that, given the work of the NAB to date, it was not considering civil criminal proceedings.

Write to Alice Uribe at alice.uribe@wsj.com