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Commonwealth Bank of Australia Charged for AML & CTF Offences

Commonwealth Bank of Australia Charged for AML & CTF Offences

Australia’s financial intelligence and regulatory agency (AUSTRAC) had initiated civil penalty proceedings in the Federal Court against the Commonwealth Bank of Australia (CBA) for serious and systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

AUSTRAC’s action alleges over 53,700 contraventions of the AML/CTF Act.

Source: Official Press Release

 

About Australia’s financial intelligence and regulatory agency (AUSTRAC)

AUSTRAC is Australia’s financial intelligence agency with regulatory responsibility for anti-money laundering and counter-terrorism financing.  We identify threats and criminal abuse of the financial system, and act to protect Australia’s economy.  We also work in partnership with industry and government agencies in Australia and overseas to

  • help keep Australia safe from financial and other serious crime
  • build and maintain trust in Australia’s financial system as part of the global community.

Visit: Australia’s financial intelligence and regulatory agency (AUSTRAC)

 


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