Commonwealth Bank to pay $700 million fine for anti-money laundering, counter-terror financing laws breaches



June 04, 2018 09:22:33

The Commonwealth Bank has agreed to pay a $700 million fine in relation to breaches of anti-money laundering and counter-terrorism financing laws.

The Federal Government’s financial intelligence agency AUSTRAC had accused the bank of serious and systemic breaches of the laws last year.

As part of the settlement, CBA has admitted to the late filing of 53,506 reports of transactions above $10,000 through its “intelligent deposit machines” (IDMs).

It also admitted that 149 suspicious matter reports were filed late, or not filed at all.

The bank also admitted that it breached its obligations to perform checks on 80 suspicious customers and transaction monitoring did not operate as intended on a number of accounts between October 2012 and October 2015.

More to come.

First posted

June 04, 2018 09:02:31

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