Original article by James Frost
The Australian Financial Review – Page: 1 & 12 : 4-Aug-17
AUSTRAC has accused the Commonwealth Bank of Australia of not being in compliance with money-laundering regulations, and has launched legal action against it in the Federal Court. AUSTRAC contends that the CBA has not properly monitored or reported large cash transactions being made through its ATMs. AUSTRAC has stated that there have been 53,700 occasions since 2012 when the $A10,000 threshold above which transactions must be disclosed were exceeded, but they were either not reported to AUSTRAC or were not reported in time for it to take action. A maximum penalty of $A18 million applies to each incident of non-compliance with disclosure rules.
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, BNP PARIBAS SA