Dutch slope ING has vowed to hole its anti-money laundering and counter-terrorism financing systems, aft an probe by fiscal crimes regulator Austrac recovered flaws successful the lender’s compliance.
Austrac connected Thursday said it accepted a court-enforceable undertaking from ING’s Australian business, and the lender would guarantee ING beefed up its reporting of suspicious transactions, its hazard assessments, and its programme for complying anti-money laundering and counter-terrorism financing (AML/CTF) laws.
The regulator, which has antecedently imposed grounds fines connected Commonwealth Bank and Westpac, said ING had identified the compliance issues and voluntarily reported them to Austrac successful 2020.
Austrac said it had launched an investigation, which identified concerns successful narration to Austrac’s AML/CTF program, its monitoring systems and controls, and its reporting to Austrac.
Austrac main enforcement Nicole Rose said businesses needed to person robust systems for AML/CTF compliance, and pointed to ING’s co-operation with the regulator and changes it had already made to its systems.
“ING person been afloat cooperating with AUSTRAC passim our regulatory inquiries and person demonstrated an ongoing committedness to addressing concerns astir the effectiveness of their AML/CTF systems and controls,” Rose said successful a statement.
“I would similar to admit the important enactment already undertaken by ING successful identifying and implementing improvements to their programs. We look guardant to continuing to enactment with them to guarantee they conscionable their obligations nether the AML/CTF Act.”
More to come