YEAR OF SCANDALS MIGHT LEAD TO MORE STRINGENT LAW ENFORCEMENT
March 1st, 2018
AUSTRALIA may have been strengthening its anti-money laundering (AML) systems, but an admission last year (2017) by the country’s biggest bank, the Commonwealth Bank of Australia (CBA), about AML failures was a clear reminder that reforms are still needed. The Commonwealth Bank admitted that it had breached Australian AML laws 53,700 times. This followed an inquiry by Australian financial intelligence unit (FIU) AUSTRAC (The Australian Transaction Reports and Analysis Centre), which concluded Commonwealth should face legal action for breaches of the Anti-Money ...
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