NAB Anti-Money Laundering Compliance: A disaster waiting to happen

FSU

The Finance Sector Union (FSU) is concerned about reports regarding the compliance failures at the NAB.

FSU National Secretary Julia Angrisano said the union has expressed its concerns to the NAB for many years, that the constant restructuring, casualisation, and setting of unrealistic targets has negative consequences for staff, the NAB, and the wider community.

“These concerns have now been borne out by media reports that show a workforce that is under great stress, trying to do the impossible with little resourcing and next to no training,” Ms Angrisano said.

She said that for anti- money laundering and compliance to be effective and well-resourced and are likely to fail if staff are not properly trained. Monitoring financial crime is not something that should be contracted out. Westpac was fined $1.3 billion and the CBA, $700 million. Now the NAB is under investigation and these kinds of money laundering scandals impact on the morale of staff.

Quotes attributable to FSU National Secretary Julia Angrisano:

“The Finance Sector Union has tried to convey to the NAB just how over-worked and stressed its workforce is.”

“Our members are consistently telling us that they have to meet unrealistic targets, are consistently working unreasonable hours in order to complete routine tasks and are short staffed.”

“We have discussed these issues with the NAB but are often ignored. Now we can see the consequences.”

“When the ABA and the National Bank says their culture has changed and everything is now fine, we know this is simply not credible.”

“The NABs latest massive underpayment issue paints a disturbing picture of too few staff doing too much, working excessive hours without being properly remunerated.”

“As a consequence, NAB staff are suffering professional and personal setbacks through ill health, constantly missing important family engagements, and relationship breakdowns.”

/Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length.