Australia’s major banks are facing the highest risk from money laundering and terrorism financing (ML/FC) among all banking institutions in the country, according to AUSTRAC’s latest series of banking sector risk assessments released on Sep.6.
AUSTRAC warned that the criminal environment facing the big four—the Commonwealth Bank (CBA), the National Australia Bank (NAB), ANZ and Westpac—is complex and extensive, with money laundering being the primary threat, followed by tax evasion, drug trafficking, fraud and scams. The banks currently are responsible for 47 million customers and 73 percent of all assets in Australia.
