Via the AFR:
AUSTRAC will up the ante in its case against the Commonwealth Bank of Australia, with the transactions regulator expecting to file fresh allegations on Thursday that it breached the law 100 additional times while facilitating banking by criminal syndicates involved in money laundering and terrorist financing.
Commonwealth Bank filed its defence to AUSTRAC’s original allegations on Wednesday, admitting it was late filing 53,506 threshold transaction reports “which all resulted from the same systems related error”. It also admitted it “did not adequately adhere to risk assessment requirements for intelligent deposit machines” although it disputes the number of contraventions.
