AUSTRAC and the Commonwealth Bank agree on $700m penalty in connection with money-laundering

AUSTRAC and the Commonwealth Bank agree on $700m penalty in connection with money-laundering

By site_editor

4 June 2018: An agreement has been reached today between AUSTRAC and the Commonwealth Bank of Australia (CBA) for a $700 million penalty to resolve Federal Court proceedings relating to serious breaches of anti-money laundering and counter-terrorism financing (AML/CTF) laws.

AUSTRAC is Australia's financial intelligence agency with regulatory responsibility for anti-money laundering and counter-terrorism financing.

The parties will jointly approach the Federal Court seeking orders to this effect. It is anticipated that a hearing on penalty will be scheduled in the coming months.

If agreed by the Federal Court this will represent the largest ever civil penalty in Australian corporate history.

AUSTRAC’s enforcement action against CBA followed exhaustive investigations into CBA’s AML/CTF compliance and risk management practices, particularly in relation to its Intelligent Deposit Machines (IDMs). 

Further information is available on the AUSTRAC website.

 

 

Company Details

International Association of Gaming Regulators
7881 W Charleston Blvd, Suite 155
Las Vegas, NV 89117
USA

Fax: +001 (636) 277-6665

Email Contact

Twitter Feed

There are more than 40 good reasons why you should attend #IAGR2019 in Montego Bay, Jamaica 30 Sept-3 Oct. Regis… https://t.co/GGxgyJqr92
IAGR_ORG (2 weeks ago)
@SVLGrp Hats off to the team @SVLGrp for putting together this neat video!
IAGR_ORG (3 weeks ago)
How does regulation impact technological innovation in the gaming industry? Ann-Dawn Young Sang, President and CEO… https://t.co/dsH8KWWIp7
IAGR_ORG (3 weeks ago)
Casinos and crisis management is definitely top of mind right now. Book your spot for #IAGR2019 to hear Dr Larry Ba… https://t.co/XR5NMb7jeB
IAGR_ORG (3 weeks ago)
RT @LawOfGambling: I will be a keynote speaker at the upcoming International Association of Gaming Regulators conference in Jamaica Sept. 3…
IAGR_ORG (3 weeks ago)