CBA issues update on AUSTRAC proceedings

The Commonwealth Bank has engaged AUSTRAC in mediation as part of civil proceedings that the financial intelligence agency commenced against the bank last year.

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By Reporter - May 25, 2018 1 comments

In a statement to the ASX this morning, the bank referred a Federal Court order made on 22 March 2018 that mediation between the two parties occur by today, 25 May 2018, in relation to allegations AUSTRAC made against the bank.

“The parties have been engaged in mediation and discussions are continuing,” the statement said.

The mediations relate to Federal Court proceedings taken against the bank by AUSTRAC for more than 53,000 alleged contraventions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

In December 2017, AUSTRAC expanded its list of alleged contraventions.

The Commonwealth Bank acknowledged some of these contraventions had occurred, but contested some of the accusations made in both AUSTRAC’s first and second list of breaches.