Bendigo Bank flags terrorist financing, money laundering failures after Deloitte review
Regional lender Bendigo Bank has told investors a review by consultants Deloitte found it may have breached anti-money laundering and counter terrorist financing rules for the last six years.
In an announcement to the ASX on Tuesday morning, Bendigo Bank said Deloitte’s review initially focused on a single branch after the bank identified and reported potential money laundering issues. However, Deloitte’s final report warned that there may have been serious customer identification, transaction reporting and terrorism financing-related failings across the entire bank.
“The board is very disappointed with the findings and is fully committed to ensuring that the Bank undertakes the necessary enhancements to its systems, processes and frameworks to ensure it is fully compliant with its obligations under the Anti-Money Laundering and Counter Terrorism Financing Act 2006,” the statement said.
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By continuing you agree to our Terms and Privacy Policy.“The Board has committed to fully funding the uplift program to address all deficiencies identified in the Deloitte review.
“While the final outcomes (including costs) are unknown at this stage, the Bank will keep the market informed in line with its continuous disclosure obligations. The Bank will continue to engage constructively with AUSTRAC, APRA and ASIC in relation to this matter.”
Shares in Bendigo Bank are down 15.8 per cent to $11 each in 2025, as it competes for market share in business and home loan lending largely across regional Australia.
The bank warned the costs of the remediation are unknown and said it will keep in contact with anti-money laundering regulator AUSTRAC and financial services enforcer ASIC.
More to come...
