Overview
- Bendigo and Adelaide Bank disclosed that an internal Deloitte investigation identified broad anti-money-laundering and counter‑terrorism financing control weaknesses across its business.
- Deloitte was engaged after suspicious activity at one branch was identified and reported to AUSTRAC.
- The review highlighted deficiencies in risk assessment, enhanced customer due diligence, transaction monitoring, oversight of ML/TF risks, and customer risk rating.
- The bank said the issues indicate a potential breach window from August 1, 2019 to August 1, 2025.
- The board called the findings very disappointing, committed to a fully funded uplift program, and said the bank is engaging with AUSTRAC, APRA and ASIC as shares fell about 7%.