Australia's anti-money laundering regulator filed fresh claims against Commonwealth Bank of Australia, expanding its civil penalty proceedings against the bank.
The Australian Transaction Reports and Analysis Centre, or AUSTRAC, said Dec. 14 that a further 100 alleged contraventions against CBA have been filed.
New evidence alleges over 53,800 breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act. CBA allegedly failed to report two suspicious matters within 24 hours of forming a suspicion relating to the financing of terrorism. The bank also failed to report 54 suspicious matters either on time or at all and in 38 other instances it did not appropriately monitor its customers to mitigate and manage money laundering.
AUSTRAC CEO Nicole Rose said the allegations "reflect systemic non-compliance over approximately six years."
The maximum penalty for an individual contravention alleged in the amended statement is up to A$21 million.
CBA said in a same-day statement that it will continue to work with regulators in jurisdictions in which it operates to fight financial crime. It is reviewing the amended statement of claim from AUSTRAC and will file an amended defense in due time.
AUSTRAC had filed a civil suit against CBA in August for breaching anti-money laundering and counter-terrorism financing laws on 53,700 occasions. CBA on Dec. 13 had admitted to some of the regulator's claims about rule violations, while contesting others.
