December 14 2017
Commonwealth Bank has been hit with another 100 allegations of breaches of anti-money laundering and counter-terrorism laws, including failing to quickly report two suspicious matters relating to the financing of terrorism.
The Australian Transaction Reports and Analysis Centre (Austrac) filed an amended statement of claim to the federal court on Thursday. In it, the federal government’s financial intelligence unit updated the total number of alleged breaches by Australia’s largest bank to more than 53,800.
Among the latest allegations are that CBA failed to report terrorism financing suspicions within 24 hours, was either slow or negligent in reporting 54 suspicious matters relating to accounts or people under law enforcement investigation, and in 38 instances did not appropriately monitor risk, even after becoming aware of suspicious activity.