Australian Financial Review on 4th June reported that the Commonwealth Bank has settled its proceedings with AUSTRAC over AML failings for $702.5 million to settle the matter and agreed to new breaches of the Anti-Money Laundering and Counter-Terrorism Act taking the total number of admitted contraventions to 53,750.  AUSTRAC took the bank to court in August 2017 over claims its intelligent deposit machines (IDM) had been exploited by criminals and terrorists. As part of the settlement, CBA has admitted the late filing of 53,506 SAR, inadequate risk assessments of the IDM at the centre of the allegations, and that 149 SAR were filed late or not filed at all.  Commonwealth Bank has been told to speed up its overhaul of risk management systems and pursue a perfect record of compliance


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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