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We Are Not Under Scrutiny Over Dirty Money Issue, Says ANZ

Tom Burroughes

10 August 2017

Australia & New Zealand Banking Group has hit back at media claims that authorities have examined it for possible handling of criminal money. The claims came amid claims that rival lender Commonwealth Bank of Australia, which reported results yesterday, faces legal action (see that story here). 

The report about a possible problem for for
"serious and systemic non-compliance" with rules to stop money laundering and terrorism finance. AUSTRAC alleges that the bank failed to report suspicious matters either on time or at all involving transactions totalling over A$77 million ($61.2 million). In this case, one source of concern has been the use of automated depository machines by CBA.
In its own statement, ANZ continued: “ANZ has systems in place to ensure it complies with anti-money laundering obligations including processes to monitor and report suspicious activity. We are also subject to continuous supervision from AUSTRAC and have no outstanding requirements.”

The statement continued that AUSTRAC reviewed ANZ’s automated teller machines and Intelligent Deposit Machines in late 2015 and advised ANZ in February 2017 that it found no evidence of non-compliance with anti-money laundering regulation. ANZ completed a “thorough risk assessment” prior to the introduction of Smart ATMs in 2013 which saw deposits limited to A$5,000, it continued.
“We strongly support AUSTRAC’s role in disrupting serious financial crime and will continue to meet our obligations to monitor and report suspicious activity to AUSTRAC and the Australian Federal Police,” Nigel Williams, ANZ chief risk officer, said.