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Bendigo and Adelaide Bank Limited (ASX:BEN)

ALERT: Price-sensitive ASX Announcement for BEN
Current share price for BEN : $10.545 -0.455 (-4.14%)+
Announcement
Release
25 Nov 2025 8:45AM
Price at Release
$11.000
Full Release
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Summary
Bendigo and Adelaide Bank Limited identified deficiencies in its approach to money laundering (ML) and terrorism financing (TF) risk management, particularly at one of its branches. The bank engaged Deloitte for an independent investigation, which revealed systemic issues including inadequate risk assessment, customer due diligence, oversight of risks, and transaction monitoring. The bank's board expressed disappointment with these findings and committed to addressing all deficiencies to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The bank also plans to engage with AUSTRAC, APRA, and ASIC to ensure regulatory compliance.
Key Points
  • Deloitte conducted an independent investigation on ML/TF risk management issues from 2019 to 2025.
  • Deficiencies were found beyond just the branch, affecting the bank's entire risk management system.
  • Major issues included risk assessment, customer due diligence, risk oversight, and transaction monitoring.
  • The bank committed to funding improvements and maintaining regulatory compliance.
  • The bank will keep the market informed and engage with regulators like AUSTRAC, APRA, and ASIC.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.