Former ANZ chief executive Mike Smith says the big four banks could have handled recent political attacks better, saying whenever governments want “mob interest” they always turn on the banks.
“It’s being used as political capital … when you want to get mob interest, you turn on the banks. Hitler did it,” Mr Smith said after speaking at the UBS Australasia conference in Sydney on Tuesday.
“These things have always been around. The banks have fallen into the trap and they haven’t played as well as they might.”
I humbly suggest that Mr Smith has no idea what he is doing. Such massively overblown analogies make him and the banks look like narcissistic fools.
But more must be said about NAB, via Banking Day:
The focus of non-compliance with anti-money laundering and counter terrorism laws is about to shift beyond the Commonwealth Bank after National Australia Bank revealed in notes to its annual report that it is remediating “identified issues” and “weaknesses” with its AML/CTF program.
The problems with NAB’s anti-money laundering systems are not yet quantifiable, with the bank deciding to disclose a contingent liability in its 2017 annual report for possible non-compliance with “Know Your Customer” rules and shortcomings in transaction monitoring.
“The Group is currently investigating and remediating a number of identified issues, including certain weaknesses with the implementation of ‘Know Your Customer’ requirements and systems and process issues that impacted transaction monitoring and reporting for some specific areas,” the bank told shareholders on page 108 of its annual report.
“It is possible that, as the work progresses, further issues may be identified and additional strengthening may be required.
Doing a bang-up job there, Ken, dodging the Gestapo.