Via The Australian:
The anti-money laundering agency has dramatically expanded its suite of allegations against the Commonwealth Bank, with new claims the nation’s largest bank failed to adequately monitor suspected terrorist financiers and alert them to authorities.
…The bank now faces more than 53,800 alleged contraventions of the anti-money laundering act. Six transactions by five customers made through the Commonwealth Bank’s intelligent deposit machines may have financed terrorism, according to the financial regulator
…The regulator has now subsequently claimed the bank failed to alert authorities to, and properly monitor, people associated with organised crime groups that were targeted by NSW police in “Strike Force B”, which have resulted in 86 new allegations CBA breached the law. Evidence seized as part of Strike Force B indicates that one of the organised crime groups (a drug and firearms syndicate) that was using the money laundering syndicate controlled by a suspicious person had laundered just under $42 million between March 2016 and August 2016.
CBA is also alleged to have breached the law an additional four times as part of claims it failed to alert authorities to, and properly monitor, people associated with a Vietnamese crime syndicate being investigated by West Australian police.
The bank also faces explosive new claims it breached the law four times for failing to alert authorities to, and to properly monitor, a pair of brothers who were suspected of financing terrorism through transfers of money to Lebanon.
She’ll be right.
