Australia’s financial watchdog, AUSTRAC, has accused Commonwealth Bank of Australia (CBA) of “widespread breaches of money-laundering and counter-terrorism financing rules” and initiated civil proceedings against it, according to Reuters.
CBA, Australia’s largest mortgage lender, said in a statement it would respond to the allegations “in due course.”
AUSTRAC has alleged that CBA “failed to report suspicious matters ‘either on time or at all involving transactions totaling over A$77 million ($61 million).'”
The agency alleged 53,700 contraventions of the anti-money laundering and counter-terrorism financing Act, particularly with regards to so-called intelligent deposit machines or IDMs.
The previous biggest such case came against Australia’s top bookmaker Tabcorp Holdings, earlier this year, with only 108 alleged breaches. Tabcorp paid A$45 million in fines, the biggest civil penalty in Australian corporate history.
Read more here: reuters.com
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