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Commonwealth Bank files its response to allegations.

Sydney: Commonwealth Bank filed its response to allegations of breaches of anti-money-laundering and counter-terrorism financing laws made by the financial intelligence unit of Australian government.

The bank's response includes an admission that it was late in filing more than 53,500 reports of transactions of $10,000 or more through its deposit-taking ATMs between 2012 and 2015. Civil proceedings were launched by Austrac in the federal court on federal court. CBA said those reports were late due to one systems-related error, and will argue those contraventions should be treated as one course of conduct.

The bank also admits it failed to meet risk assessment requirements for its deposit-taking ATMs, which were rolled out from 2012, including that it should have introduced daily limits on cash deposits by early 2016. The bank will again argue that these failures should not amount to eight separate contraventions of the law, as Austrac is seeking. It has admitted to 91 of 174 of Austrac's allegations that it failed to properly submit suspicious matter reports, and will argue many of those relate to reports that were missing specific transaction details, and should not result in a civil penalty.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Dec 27, 2017
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