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Australian Military Bank hit with a direct order – The Australian Financial Review

Regulator wants the bank which boasts 56,000 serving and former defence personnel as customers to prove it is compliant with anti-money laundering and counter-terrorism…

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The Australian Military Bank has demonstrated a commitment to uplifting its AML/CTF controls. It is encouraging that AMB has already started implementing a remediation action plan and this remedial direction will help to ensure AMB meets its compliance and reporting obligations, Ms Rose said.
Where these obligations are not met, AUSTRAC will not hesitate to draw on our range of regulatory tools and enforcement powers to maintain public confidence in Australias financial system and prevent non-compliance.

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