Under fire Australian lender Commonwealth Bank of Australia faces more strife after being hit with another 100 alleged contraventions of money laundering and counter-terrorism laws.
Commonwealth Bank of Australia's (CBA) ongoing trouble around alleged systematic money laundering operations by criminal gangs and terrorists deepened after fresh claims from Australia's financial intelligence agency Austrac.
CBA was served with an amended statement of claim alleging further transgressions of Australia’s anti-money laundering and counter-terrorism financing legislation. The new allegations, among other things, increase the total number of alleged contraventions from approximately 53,700 to approximately 53,800.
Serious Rule Breaches
Among the latest allegations related to the bank's use of intelligent deposit-taking ATMs, are that CBA failed to report terrorism financing suspicions within 24 hours, was either slow or negligent in reporting 54 suspicious matters relating to accounts or people under law enforcement investigation, and in 38 instances did not monitor risk appropriately, even after becoming aware of suspicious activity.
Austrac said the additional alleged contraventions were identified after the civil penalty proceedings were instituted through its ongoing investigation into CBA. «These allegations are very serious and reflect systemic non-compliance over approximately six years,» said Nicole Rose CEO Austrac.
