The Commonwealth Bank has engaged AUSTRAC in mediation as part of civil proceedings that the financial intelligence agency commenced against the bank last year.
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.
When financial failures occur and accountability can’t be pinpointed clearly, often it is the adviser that gets ...
When dealing with high-risk investment portfolios and platforms, it is important advisers manage expectations even when ...
Orbis Investments has added a new marketing head to extend its reach to advised retail investors as part of its “next ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin