Bendigo Bank shares slide on anti-money laundering deficiencies
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The news: Bendigo and Adelaide Bank has announced that a Deloitte review has identified “weaknesses and deficiencies” in the Bank’s approach to managing the risk of money laundering or terrorism financing (ML/TF).
The numbers: At 10:57am AEDT, shares in Bendigo Bank had slipped 6.2% to 10.32. It was the biggest loser on the ASX 200.
The context: Deloitte was brought in to investigate “suspicious activity indicative of money laundering” at one of its branches after it was identified and reported to AUSTRAC and law enforcement.
The review focused on activity at the branch between 1 August 2019 and 1 August 2025, but found that the deficiencies went beyond the branch.
This included Bendigo’s approach to ML/TF risk assessment and enhanced customer due diligence, oversight of ML/TF risks, transaction monitoring program and approach to customer risk rating.
The bank’s board said it is “fully committed” to upgrading its systems, processes and frameworks to ensure compliance with the anti-money laundering and counter-terrorism financing act.
What they said: “While the final outcomes (including costs) are unknown at this stage, the Bank will keep the market informed in line with its continuous disclosure obligations. The Bank will continue to engage constructively with AUSTRAC, ARPA and ASIC in relation to this matter,” the board said.
The source: ASX
