In a statement last Thursday, CBA acknowledged the AUSTRAC civil proceedings, which accuse the bank of failing to properly monitor millions of dollars in cash deposited via its ‘intelligent deposit machines’.
Responding to the proceedings, CBA said it has been in discussions with AUSTRAC for an extended period and has co-operated fully with their requests.
“We have invested more than $230 million in our anti-money laundering compliance and reporting processes and systems. We take our regulatory obligations extremely seriously and we are one of the largest reporters to AUSTRAC,” the bank said
“Money laundering undermines the integrity of our financial system and impacts the Australian community’s safety and wellbeing.”
In a follow up statement issued last Friday, CBA said it is reviewing AUSTRAC’s claim and will file a statement of defence.
CBA. Wake up for heaven’s sake.
Another huge scandal and not a single CBA exec will lose their license or career.
Here we go again, the regulators will accept an EU, CBA says they are sorry, pay out a few $$$ and life goes on. Sound familiar to recent events. No changes, no name and shame etc. An adviser would have been drawn and quartered before this hit the news.
Could the CBA please explain why they removed documents from a clients file during a dispute that were unauthorized transactions related.Does the CBA really take their duties seriously?????
Depends to whom CBA considers its first duty is owed: Clients / Customers or Shareholders?