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.
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