Sleaze Bank discovers giant laundering holes in itself

Friday, 1 September 2017

Billions of dollars in Commonwealth Bank transactions in the US, Europe and Asia have not been properly monitored, the bank’s internal review has found, potentially exposing the institution to investigation by global regulators.

The confidential review of the bank’s compliance with Australian and global anti-money laundering and counter-terrorism laws revealed large-scale failures in transaction monitoring across a multitude of businesses around the world.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.