CBA preparing defence to AUSTRAC claims
Latest News

CBA preparing defence to AUSTRAC claims

The Commonwealth Bank of Australia is scrambling to put together a "statement of defence" after AUSTRAC accused the bank of failing to prevent millions of dollars from being laundered through its "intelligent" deposit machines.


CBA released a short statement on Friday, 4 August, saying that it is preparing a "statement of defence" in response to allegations by AUSTRAC that the bank made 53,700 contravention of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF) by allowing millions of dollars to be laundered.

The statement follows a longer statement on Thursday by CBA which acknowledged the civil proceedings brought by AUSTRAC in the Federal Court.

AUSTRAC accused CBA on Thursday of failing to properly monitor millions of dollars in cash deposited via its "intelligent deposit machines".

Responding to the proceedings, CBA said that it has been in discussions with AUSTRAC for an extended period and has cooperated fully with the agency's requests.

“We have invested more than $230 million in our anti-money laundering compliance and reporting processes and systems," the statement said. "We take our regulatory obligations extremely seriously and we are one of the largest reporters to AUSTRAC.”

CBA added: “Money laundering undermines the integrity of our financial system and impacts the Australian community’s safety and wellbeing.”

 

CBA preparing defence to AUSTRAC claims
investordaily image
ID logo
promoted stories

Appointments

Matt Spence

UniSuper recruits Merill Lynch analysts

Staff Reporter

Robert Brown

ACSA hires former director as CEO

Staff Reporter

Sudhanshu Garg

AMP Capital appoints director in Dubai

Staff Reporter

Analysis

investordaily image

Why MiFID II matters for Australia

Gary Stone

investordaily image

Five unconstrained fixed income ideas

Nick Gartside

investordaily image

Getting on board the ‘grey nomad’ caravan

Nick Griffin