Shufti Evening of Trust - Join the Executive Circle for Conversations That Matter.

Shufti Evening of Trust - Join the Executive Circle for Conversations That Matter.

Request Invitation
shufti_logoshufti_logo
  • Products

  • Solutions

  • Explore

  • Company

  • Pricing
burger-menu burger-menu-close

us

216.73.216.136

Bank of Queensland Commits to Anti Money Laundering Laws and Risk Management

n-img-bank

Bank of Queensland Ltd (BOQ.AX) disclosed that separate agreements had been reached with the country’s prudential and financial crime regulators regarding compliance pertaining to anti-money laundering and counter-terrorism financing laws, as well as best practices in risk governance.

Bank of Queensland Ltd (BOQ.AX) announced it had signed separate anti-money laundering agreements with monetary and corporate crime regulators on May 31st. An Australian Prudential Regulation Authority (APRA) accepted a legally enforceable undertaking following the alleged violation of regulatory benchmarks in 2022 and 2023. Additionally, APRA reported that the company understood risk management well.

APRA has required preparing a remedial action plan as part of its undertaking. In addition to describing all activities undertaken by the bank, it specifies who will be appointed as an independent reviewer.

It has also been decided that the APRA would add 50 million AUD to the operational risk capital requirement for the Bank of Queensland, which is expected to remain in place for as long as the company has not delivered a remediation plan that meets the regulator’s approval.

Earlier this month, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced that it had imposed a sanctions regime against the company after a compliance inspection was conducted by the regulator, following which concerns were raised regarding the effectiveness of the organisation’s anti-money laundering controls and systems.

AUSTRAC CEO, Nicole Rose, said that, “The actions undertaken by AUSTRAC and APRA in relation to BoQ highlight the whole of government efforts to maintain the integrity of Australia’s financial systems,” 

Suggested Read:

AUSTRALIAN GOVERNMENT TO EXTEND AML AND CTF REGIME

Related Posts

News

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Explore More

News

California enacts law requiring age input on devices and app stores from 2027

California enacts law requiring age input on devices and app stores from 2027

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Explore More

News

California enacts law requiring age input on devices and app stores from 2027

California enacts law requiring age input on devices and app stores from 2027

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started

Shufti Evening of Trust (SET)

Where Trust Meets Innovation and the Future is Built Together

Date & Time:

23rd October 2025 | 7:00 PM

Location:

Blake Room, The Ivy Soho Brasserie, London

RSVP Now

Exclusive Event—Register Today

close-icon