AUSTRALIA’S CBA BANK ADMITS MAJOR BREACHES OF AML RULES
December 1st, 2017
THE COMMONWEALTH Bank of Australia (CBA) has admitted significant failings in its anti-money laundering and terror finance controls, with the country’s financial intelligence unit (FIU) AUSTRAC alleging more than 53,800 contraventions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. CEO for AUSTRAC (the Australian Transaction Reports and Analysis Centre) has said: ‘These allegations are very serious and reflect systemic non-compliance over approximately six years”, between 2012 and 2017. The FIU now claims CBA failed to report two ...
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