CBA responds to money laundering proceedings

CBA responds to money laundering proceedings

CBA has responded to the AUSTRAC-initiated civil penalty proceedings, saying it has invested more than $230 million into anti-money laundering compliance and will be filing a statement of defence soon.

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 responds to money laundering proceedings
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