Although Australia’s financial regulator identified “serious concerns” at National Australia Bank (NAB) regarding compliance with the country’s anti-money laundering and counter-terrorism financing (AML/CTF) rules, it won’t fine the bank—for now.

AUSTRAC notified NAB of the deficiencies in a June 4 letter, which the bank acknowledged in a securities filing Monday.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...