Complying with anti-money laundering laws and protecting customers against scams are two costly and mounting tasks for the major banks. The Age and Sydney Morning Herald have previously revealed NAB is working on a mammoth internal project, dubbed Apollo, that involves examining millions of customer accounts to ensure identification details are up-to-date.
Those who have worked on the project claim NAB accounts are regularly found with customer details that have not been updated for more than two decades. Inaccurate ID documents mean accounts are incorrectly risk-rated, which prevents alerts from being triggered needed to file suspicious transaction reports to the regulator, which is then fed through to law enforcement.
Project Apollo is part of NAB’s remediation efforts after the financial intelligence agency, AUSTRAC, found systemic weaknesses in NAB’s processes for complying with anti-money laundering laws.
NAB disclosed in June the…