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.

 

 

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