Bendigo and Adelaide Bank Enhances Anti-Money Laundering Measures

The bank engaged Deloitte to conduct an internal review after a six-year period during which suspicious activities at one of its branches went undetected. The findings revealed systemic weaknesses in key aspects of the bank's AML and counter-terrorism financing risk management frameworks.

In response, both the Australian Prudential Regulation Authority (APRA) and the Australian Transaction Reports and Analysis Centre (AUSTRAC) have coordinated efforts to address these concerns. The regulators emphasize the necessity for robust compliance systems to prevent financial crimes and maintain the integrity of Australia's banking sector.

Bendigo and Adelaide Bank has committed to implementing the following corrective actions:

• Enhancing transaction monitoring systems to detect and report suspicious activities promptly.
• Providing comprehensive training programs for staff to recognize and respond to potential AML risks.
• Strengthening internal controls and governance structures to ensure compliance with regulatory requirements.
• Conducting regular audits and reviews to assess the effectiveness of AML measures.

These initiatives aim to restore confidence among customers and stakeholders by demonstrating the bank's dedication to upholding the highest standards of financial security and regulatory compliance.