• Independent review identified systemic issues in the bank's approach to managing money laundering and terrorism financing risks
• Deficiencies found in risk assessment, customer due diligence, transaction monitoring, and customer risk rating
• Bank committed to fully funding an uplift program to address all identified deficiencies

Bendigo and Adelaide Bank has announced the findings of an independent review conducted by Deloitte into suspicious activity indicative of money laundering at one of its branches. The review, which focused on the period between August 2019 and August 2025, concluded that deficiencies existed throughout this period regarding the bank's approach to the identification, mitigation, and management of money laundering (ML) and terrorism financing (TF) risk. Deloitte observed that these deficiencies extended beyond the specific branch and identified weaknesses and deficiencies across many key aspects of ML/TF risk management, including in relation to the bank's approach to ML/TF risk assessment and enhanced customer due diligence, oversight of ML/TF risks, its transaction monitoring program, and its approach to customer risk rating. In relation to transaction monitoring, Deloitte's findings confirmed that there was deficient coverage of many ML/TF risk indicators. The bank's Board is disappointed with the findings and is fully committed to ensuring that the necessary enhancements are made to its systems, processes, and frameworks to ensure full compliance with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The bank will fully fund the uplift program to address all deficiencies identified in the Deloitte review and will continue to engage constructively with AUSTRAC, APRA, and ASIC in relation to this matter.