National Australia Bank
(ASX:NAB) has sought specialist treatment for its anti-money laundering problem with AUSTRAC, and its prescribed therapy is the recruitment of the financial intelligence agency’s former executive Paul Jevtovic.
Mr Jevtovic’s appointment as Executive Money Laundering and Reporting Officer will take effect from September.
The new recruitment is expected to bolster NAB’s risk management capability and compliance practices, as the position is part of the risk leadership team under the supervision of NAB’s Chief Risk Officer Sean Dooley.
Paul Jevtovic possesses comprehensive experience and expertise in the financial crime prevention field. His biography consists of four and a half years as Regional Head of Money Laundering Reporting and Financial Crime at HSBC and three years as AUSTRAC CEO.
Many of the strict enforcement measures by AUSTRAC can be attributable to Mr. Jevtovic’s contributions during his stint at AUSTRAC.
During his tenure, he oversaw high-profile investigations into financial misconduct and executed enforcement actions against major corporations such as Commonwealth
(ASX:CBA) and Tabcorp
(ASX:TAB).
The move comes in the midst of NAB’s compliance woes, as the company has fallen on AUSTRAC’s radar for mishaps in its due diligence and customer identification procedures.
The $91 billion banking institution is facing potential regulatory repercussions for possible violations of anti-money laundering and counter-terrorism financing laws.
NAB has dedicated an $800 million budget to financial crime prevention and fraud deterrence efforts over the past four years.
Shares in NAB
(ASX:NAB) are trading 0.2 per cent higher at $26.62
