australias commonwealth bank vows to fight laundering claims
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Australia's Commonwealth Bank vows to fight laundering claims

Arab Today, arab today

Arab Today, arab today Australia's Commonwealth Bank vows to fight laundering claims

Australia's biggest bank Monday
Sydney - Arab world

Australia's biggest bank Monday admitted mistakes were made but vowed to defend claims it breached money laundering and terrorism financing laws, which could result in massive fines.

The Commonwealth Bank, Australia's biggest company by market capitalisation, was taken to court last week by the country's financial intelligence agency AUSTRAC, accused of "serious and systemic non-compliance" with the legislation.

It is facing civil action for allegedly breaching the laws 53,700 times, particularly in relation to its cash deposit machines.

Chief executive Ian Narev, who is facing calls to resign, admitted "mistakes were made" and said he was focused on dealing with the issue.

"We take it extremely seriously, right up to the board level and I as CEO am spending a lot of time on this at the moment," he told the Australian Broadcasting Corporation ahead of the bank's annual results announcement on Wednesday.

"We've got a very big and important job to do and if we haven't done a good enough job we need to put our hands up, say why, and do a better job -— we're doing that."

The bank is accused of failing to deliver to AUSTRAC on time 53,506 reports for cash transactions of Aus$10,000 (US$7,900) or more at the machines between November 2012 and September 2015, with a total value of Aus$624.7 million.

It also failed to report suspicious transactions on time, or at all, that totalled Aus$77 million, and did not monitor customers or manage the risk even after becoming aware of suspected money laundering, the agency claimed.

While each breach could attract Aus$18 million in fines, potentially running into the billions of dollars, Narev said a single coding error was likely responsible for many of them.

"When people understand the legal principles that are involved, those sort of numbers are completely out of the ballpark," he said of the potential for huge fines.

"I understand 53,000 sounds like a big number. One very important piece of context is that the vast majority related to one software coding error in 2012 that we picked up in 2015, fixed within a month and rectified."

In a statement, the lender said it was preparing a defence.

"In the meantime, CBA remains committed to continuously improve its compliance with the Anti-Money Laundering/Counter Terrorism Act and will continue to keep AUSTRAC abreast of those efforts," it added.

source:AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australias commonwealth bank vows to fight laundering claims australias commonwealth bank vows to fight laundering claims

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australias commonwealth bank vows to fight laundering claims australias commonwealth bank vows to fight laundering claims

 



GMT 21:16 2016 Monday ,27 June

Zaki Badr discusses cleaning problem in Giza

GMT 21:46 2017 Saturday ,14 January

Turkey arrests 60 businessmen for alleged Gulen ties

GMT 22:38 2017 Friday ,24 March

Abbas meets with Merkel in Berlin

GMT 09:02 2017 Monday ,27 March

Tunisian Premier Concludes Visit to Sudan

GMT 15:54 2017 Friday ,01 September

Attorney General Directs Prosecutors to inspect Prison

GMT 09:22 2017 Sunday ,31 December

HM King condoles with Afghanistan President

GMT 10:12 2016 Wednesday ,06 April

Strong dollar, mild weather shrink H&M profits

GMT 17:03 2016 Saturday ,24 December

7 police killed in attacks in Afghansitan

GMT 13:51 2017 Friday ,17 March

Israel denies Syria shot down a warplane

GMT 04:08 2017 Thursday ,05 January

Carbon tax can fund clean energy transition

GMT 19:27 2016 Wednesday ,14 September

Alstom to go ahead with plans to shut down Belfort plant

GMT 01:44 2017 Friday ,15 December

Mennat-Allah underlines importance of landscapes

GMT 04:57 2017 Thursday ,14 December

Trump tells NASA to send Americans to Moon

GMT 21:43 2017 Wednesday ,11 October

Qabil discusses with Swiss delegation improving power

GMT 21:06 2017 Sunday ,17 September

OIC condemns suicide attack in Kabul

GMT 08:27 2017 Thursday ,27 April

Nokia reports another loss as networks sag

GMT 19:41 2017 Monday ,06 February

Elina Svitolina Claims Taiwan Open Title

GMT 09:39 2017 Friday ,03 February

Former Brazilian president Lula's wife dies of stroke
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday