Find out which firms made the industry's most illustrious list this time around
Experts weigh in
- 2018 Commercial Lenders Roundtable
- Top 10 Brokerages 2018
- 2018 Brokers on Aggregators
Last week, AUSTRAC told National Australia Bank that it had “serious concerns” about its compliance with laws regarding money laundering. When NAB told the ASX on Monday, shareholders responded by carving $2 billion from the bank’s value.
Even though the regulator’s letter to NAB only threatened civil action, stating “[AUSTRAC is not] considering civil penalty procedures,” it left itself room to change its mind, saying the situation “may be subject to change.”
And given that not so veiled threat, there’s some good news for the big four bank – it has just poached AUSTRAC’s former CEO.
Peter Jevtovic will join NAB in September from HSBC, giving the big bank some incredibly valuable insight as AUSTRAC’s investigation ramps up.
Along with his experience at the Australian regulator, Jevtovic has spent the last four and a half years as regional head of money laundering reporting, and head of financial crime (APAC) at HSBC, one of the world’s biggest banks. Before his two-and-a-half-year stint at AUSTRAC, he was at the Australian crime commission for nearly six years, during half of which he headed the organisation.