trending Market Intelligence /marketintelligence/en/news-insights/trending/IA0bUjPBK14iQI7Pv70EHQ2 content esgSubNav
In This List

Australian regulator sues CBA over alleged money-laundering violations

Video

S&P Capital IQ Pro | Powering Your Edge

Podcast

Street Talk Episode 81: Amid strong recovery, Banc of California hearing more M&A chatter

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Blog

Banking Essentials Newsletter: September Edition


Australian regulator sues CBA over alleged money-laundering violations

Australia's anti money-laundering regulator filed a civil lawsuit against Commonwealth Bank of Australia for alleged violation of money-laundering and counterterrorism financing laws.

The Australian Transaction Reports and Analysis Centre, or AUSTRAC, alleged the bank made more than 53,700 contraventions of the law, particularly regarding its use of intelligent deposit machines.

The bank was accused of not reporting suspicious matters either on time or at all involving transactions totaling over A$77 million. Other contraventions include violating rules relating to monitoring transactions on 778,370 accounts and failing to submit 53,506 threshold transaction reports to AUSTRAC on time for cash transactions of A$10,000 or more through intelligent deposit machines from November 2012 to September 2015, among others.

Meanwhile, CBA in a same-day statement acknowledged the civil proceedings and said it would have more to say on the specific claims "in due course" after reviewing the nature of the proceedings.

As of Aug. 2, US$1 was equivalent to A$1.25.