The Commonwealth Bank of Australia and National Australia Bank are again under scrutiny for their compliance with anti-money laundering laws, after an investigation into one of their partners is set to result in sanctions being imposed in Papua New Guinea.
BSP Financial Group, which listed on the ASX last month and trades as the Bank of South Pacific, faces possible fines or regulatory action in PNG for breaches of the country’s anti-money laundering laws.
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Angus Grigg is an investigative reporter based in Sydney. He has worked as a foreign correpondent in China and Indonesia, and has won two Walkley Awards. Connect with Angus on Twitter. Email Angus at agrigg@afr.com
