Commonwealth Bank embroiled in laundering scandal

Bruno Cirelli
Agosto 3, 2017

Authorities have accused the Commonwealth Bank of more than 53,000 contraventions of strict regulations created to combat money laundering and terrorist financing.

AUSTRAC acting chief executive Peter Clark said the civil action send a clear message about the potentially high cost of failing to meet anti money laundering laws.

So if you are going to launder your money don't use CBA because they're onto them.

AUSTRAC alleges that the bank failed to report suspicious matters either on time or at all involving transactions totalling more than $77 million.

The civil case related to the Commonwealth Bank's "inadequate" monitoring of automated deposit machines.

"By failing to have sound AML/CTF systems and controls in place, businesses are at risk of being misused for criminal purposes", Mr Clark said.

"The effect of CommBank's conduct in this matter has exposed the Australian community to serious and ongoing financial crime", Austrac said in statement.

"AUSTRAC's goal is to have a financial sector that is vigilant and capable of responding, including through innovation, to threats of criminal exploitation".

"Even after CBA became aware of suspected money laundering or structuring on CBA accounts, it did not monitor its customers to mitigate and manage. risk".

At least four different money laundering syndicates alleged to have used CBA ATMs but the bank failed to report the suspicious activity.

CBA posted this statement on their website which said it had "fully cooperated" with AUSTRAC's requests. "We will always work alongside law enforcement, intelligence agencies and government authorities to identify, disrupt and prevent this type of activity".

"We are reviewing the nature of the proceedings and will have more to say on the specific claims in due course", the bank said.

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