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NAB recruits former AUSTRAC chief

The big four bank has hired the former boss of AUSTRAC as the regulator has launched an investigation against NAB for potential anti-money laundering breaches.

NAB has appointed Paul Jevtovic to the role of executive money laundering and reporting officer, a spokesperson for the bank confirmed to Mortgage Business.

Mr Jevtovic will join the bank in September, following four years of holding senior financial crime monitoring roles at HSBC.

Currently, Mr Jevtovic is Asia Pacific head of financial crime and regional money laundering reporting officer at the bank, working out of Hong Kong. He previously was HSBC’s head of financial crime threat mitigation for the Asia Pacific region.

Mr Jevtovic was chief executive of AUSTRAC between 2014 to 2017, following a stint as acting CEO of the Australian Crime Commission.

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He has also been deputy director for the Office of Police Integrity, Department of Justice in Victoria and assistant commissioner for the Australian Federal Police.

At the same time, AUSTRAC has referred NAB to its enforcement team, having commenced a formal investigation into concerns with the bank’s compliance with anti-money laundering laws.

The regulator is yet to make any decision on whether it will pursue enforcement action, but it has leaned away from chasing civil penalty proceedings. But this could change, AUSTRAC has warned.

[Related: AFCA recruits from ASIC, Westpac]

NAB recruits former AUSTRAC chief
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>NAB has appointed Paul Jevtovic to the role of executive money laundering and reporting officer, a spokesperson for the bank confirmed to Mortgage Business.

Mr Jevtovic will join the bank in September, following four years of holding senior financial crime monitoring roles at HSBC.

Currently, Mr Jevtovic is Asia Pacific head of financial crime and regional money laundering reporting officer at the bank, working out of Hong Kong. He previously was HSBC’s head of financial crime threat mitigation for the Asia Pacific region.

Mr Jevtovic was chief executive of AUSTRAC between 2014 to 2017, following a stint as acting CEO of the Australian Crime Commission.

He has also been deputy director for the Office of Police Integrity, Department of Justice in Victoria and assistant commissioner for the Australian Federal Police.

At the same time, AUSTRAC has referred NAB to its enforcement team, having commenced a formal investigation into concerns with the bank’s compliance with anti-money laundering laws.

The regulator is yet to make any decision on whether it will pursue enforcement action, but it has leaned away from chasing civil penalty proceedings. But this could change, AUSTRAC has warned.

[Related: AFCA recruits from ASIC, Westpac]

NAB recruits former AUSTRAC chief
Paul Jevtovic
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