The Commonwealth Bank will have three and a half months to prepare and file a defence in its civil case brought by AUSTRAC.
In a directions hearing at the Federal Court yesterday, the court has ordered the Commonwealth Bank of Australia to file its defence by 15 December this year.
AUSTRAC has been ordered to respond to the defence by 16 March 2018, with a further directions hearing to occur on 2 April.
During early August, AUSTRAC accused CBA of 53,000 contraventions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Separately, yesterday CBA also announced the shake-up of their board, with former Westpac chief executive Robert Whitfield joining as a non-executive director and the retirement of two directors; Launa Inman and Harrison Young.
As the US election cycle draws to its close, investors must avoid getting distracted by the bluster around the result. ...