By Nathan Lynch, Asia-Pacific bureau chief, financial crime and risk, Thomson Reuters
Commonwealth Bank of Australia faces enquiries from a range of different regulatory agencies in various jurisdictions over its alleged anti-money laundering failures, sources said. The bank is already preparing a response to the Australian Transaction Reports and Analysis Centre’s litigation alleging more than 53,700 breaches of the anti-money laundering and counter terrorism financing regime.
The bank is also understood to be facing enquiries from the Australian Prudential Regulation Authority about its management of risk culture. The Australian Securities and Investments Commission, meanwhile, has indicated that it will investigate whether the bank has complied with its obligations under the Corporations Act 2001.
