|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Business & Economy (Click here for more)

Commonwealth Bank Admits Breaking Australian Anti-Money Laundering Laws

SYDNEY – The Commonwealth Bank, one of the four largest financial institutions in Australia, admitted Thursday that it had violated the country’s anti-money laundering and terror financing laws in the country and is facing a multi-million dollar fine.

The bank acknowledged the irregularities in its defense filed Wednesday night as parts of the civil proceedings launched in August by the Australian Transaction Reports and Analysis Center (AUSTRAC), which accuses the bank of violating the law after in some 53,500 transactions between November 2012 and September 2015.

According to AUSTRAC, the bank failed to report transactions of above AU$10,000 ($7,630) within ten days, as required by Australia’s anti-money laundering laws.

In a statement, the Commonwealth Bank attributed the delay in submitting reports to system-related errors, and assured that since 2015, it has taken steps as part of its Program of Action “to strengthen and improve our financial crimes compliance.”

According to the lawsuit, the financial institution allowed its Intelligent Deposit Machines to transfer up to AU$20,000 ($15,265), by check or cash, without daily limits on the number of transactions.

The unreported irregular transactions are estimated to be around AU$624.7 million ($476 million).

AUSTRAC plans to present its response to the bank’s defense on March 16.

Commonwealth Bank shares dropped by one percent during the morning trading session on Thursday.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2018 © All rights reserved