NAB has confirmed the appointment of former AUSTRAC chief executive Paul Jevtovic amid an investigation into the major bank.
Mr Jevtovic will reportedly run NAB’s anti-money laundering function starting September, following his current role as regional money laundering reporting officer and head of financial crime, Asia Pacific at HSBC.
Previous to working at HSBC, Mr Jevtovic was the AUSTRAC CEO from 2014-17.
The news comes only a week after AUSTRAC advised NAB of “potential serious and ongoing non-compliance” with customer identification procedures and ongoing customer due diligence in a letter sent on 4 June.
AUSTRAC’s enforcement team has now launched a formal investigation, though the letter stated that a decision is yet to be made on whether enforcement action will be taken.
NAB CEO Ross McEwan said that the bank will cooperate with AUSTRAC in its investigations.
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