National Australia Bank enters into Enforceable Undertaking with AUSTRAC

National Australia Bank Limited (ASX: NAB) has entered into an Enforceable Undertaking with AUSTRAC. The Enforceable Undertaking follows an enforcement investigation started by AUSTRAC in June 2021 related to the bank’s compliance with Australia’s AML and counter-terrorism financing laws.

As per the terms of the Enforceable Undertaking, NAB and the applicable members of the Group are must:

• Complete a Remedial Action Plan agreed by AUSTRAC by 31 December 2024.
• Address to AUSTRAC’s satisfaction any lacks or worries with activities in the Remedial Action Plan recognised by AUSTRAC.
• Employ, subject to the arrangement of the AUSTRAC CEO of the individual to be hired, an External Auditor who will deliver a final report by 31 March 2025.

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