Commonwealth Bank admits failures in money laundering case

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The Commonwealth Bank is usually Australia’s largest lender

Australia’s biggest bank has admitted of which was late to disclose more than 53,000 transactions of which allegedly breached anti-money laundering laws.

In August, the nation’s financial intelligence agency launched court action against the Commonwealth Bank over claims of which had failed to refer the transactions, made through smart ATMs.

On Wednesday, the bank acknowledged some failures.

However, of which denied 102 claims relating to its reporting along with also also due diligence.

The bank argued its failures on 53,506 transactions “resulted by the same systems-related error”, along with also also should not be treated separately.

of which also acknowledged of which had failed to meet risk assessment standards for its intelligent deposit machines (IDMs).

The bank could face multi-million dollar penalties under laws designed to prevent money laundering along with also also terrorism financing.

Last month, the Australian government announced a royal commission inquiry into the country’s banking along with also also financial sector.

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What are the allegations?

The Australian Transactions Reports along with also also Analysis Centre (Austrac) has accused the bank of failing to disclose 53,506 cash transactions of which exceeded a A$10,000 (£5,700; $7,0) limit. The transactions were made through IDMs between November 2012 along with also also September 2015.

The machines were allegedly used by criminal syndicates to launder money, because they allow anonymous cash deposits.

Bank chiefs have attributed the oversight to a coding error along with also also said the bank was unaware of the breaches until 2015.

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