Bendigo and Adelaide Bank has revealed significant weaknesses in its anti-money laundering (AML) and counter-terrorism financing (CTF) controls. This disclosure follows an independent review conducted by Deloitte, commissioned in August 2025. The review scrutinised suspicious activities at one of the bank’s branches between August 2019 and August 2025, an issue previously reported to AUSTRAC and law enforcement agencies. Bendigo and Adelaide Bank provides a range of banking and financial services to retail and business customers. As one of Australia’s larger regional banks, it operates branches and agencies across the country.
Deloitte’s report highlighted deficiencies in the bank’s approach to identifying, mitigating, and managing risks associated with money laundering and terrorism financing throughout the review period. The assessment identified weaknesses extending beyond the single branch, encompassing areas such as risk assessment methodologies, customer due diligence processes, oversight mechanisms, transaction monitoring systems, and customer risk rating procedures. The review also pointed to inadequate coverage of numerous money laundering and terrorism financing risk indicators within the bank’s transaction monitoring program.
Bendigo Bank has expressed its disappointment with the findings of the Deloitte review and has committed to a comprehensive remediation plan. The bank has pledged to fully fund an uplift program designed to address all identified deficiencies. Furthermore, Bendigo Bank has promised ongoing collaboration with regulatory bodies, including AUSTRAC, APRA, and ASIC, to ensure full compliance and transparency.
The bank has also committed to providing regular updates to the market regarding the costs associated with the remediation program and the progress of its implementation. This commitment aims to maintain investor confidence and demonstrate the bank’s dedication to resolving the identified issues promptly and effectively.
