SYDNEY, Dec. 18 -- Australian Prudential Regulation Authority issued the following media release:
APRA and AUSTRAC have both announced actions to address weaknesses in Bendigo and Adelaide Bank's (Bendigo Bank) money laundering risk management, non‑financial risk management practices and risk culture.
It follows the findings of an independent review undertaken by Deloitte into suspected money laundering at a Bendigo Bank branch, which the bank reported to AUSTRAC. This independent review found significant deficiencies with Bendigo Bank's approach to the identification, mitigation and management of money laundering and terrorism financing risk.
APRA is concerned that the weaknesses identified by that investigation may be applicable ...