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Major bank assures investors it’s not under investigation

By Grace Ormsby · November 28 2019
Reading:
egg

Borrow

Major bank assures investors it’s not under investigation

By Grace Ormsby
November 28 2019
Reading:
egg
Investigation

Major bank assures investors it’s not under investigation

author image
By Grace Ormsby · November 28 2019
Reading:
egg
Investigation

After the money laundering claims that have dogged Westpac for the last week, another big four bank has taken steps to reassure shareholders of its own clean slate and the actions it is taking against financial crime.

In response to shareholder queries, ANZ has confirmed it is not aware of any impending litigation from AUSTRAC and said it is working hard to assist in the prevention of financial crime in the Australian banking system.

The bank’s chief risk officer, Kevin Corbally, said, “Protecting the Australian banking system from criminal use is one of our most important roles and one all of our people are trained in and take incredibly seriously.”

He outlined that “ANZ has been working with AUSTRAC, law enforcement and the broader industry to detect, prevent and disrupt serious financial crimes”.

This includes issues of money laundering, terrorism, human trafficking, tax evasion and child exploitation.

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Mr Corbally explained how “given recent issues identified by AUSTRAC within the industry, we have been reviewing the systems and processes we use to transfer money to ensure we are reporting the information required by regulators”.

“While the review is ongoing, it has found no material issues to date,” the chief risk officer said.

nestegg has been closely following the AUSTRAC investigation and allegations against Westpac

Major bank assures investors it’s not under investigation
Investigation
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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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