Bendigo and Adelaide Bank probe finds gaps in money laundering, terrorism financing controls

Bendigo and Adelaide Bank

24/11/2025 22:57

Nov 25 (Reuters) - Bendigo and Adelaide Bank's anti-money laundering and counter-terrorism financing controls were found to have deficiencies impacting key areas of its risk management framework, extending beyond one branch, the lender said on Tuesday.

The findings were part of an investigation conducted by Deloitte into suspicious activity indicative of money laundering at one of the bank's branches.

Deloitte concluded that deficiencies existed in the bank's approach to identifying, mitigating and managing money laundering and terrorism financing risks.

The review covered activity at the branch between August 1, 2019 and August 1, 2025, and assessed the nature and scope of issues at the branch, along with any related systemic shortcomings.

Bendigo and Adelaide Bank said its board was "very disappointed" with the findings and is committed to improving systems, processes and frameworks to meet its obligations under Australia's Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

The bank had engaged Deloitte in August 2025 after identifying and reporting the matter to the country's financial intelligence agency AUSTRAC and law enforcement.

 (Reporting by Roshan Thomas in Bengaluru; Editing by Vijay Kishore)

 ((Roshan.Thomas@thomsonreuters.com;))