The law comes calling for a dodgy CBA

Via Banking Day:

Two closely related class actions will proceed against Commonwealth Bank over its alleged failure to comply with Anti-Money Laundering laws.

Justice David Yates of the Federal Court of Australia in the last week has made “Cooperative Case Management” orders and largely dismissed concerns raised by the bank.

The applicant in the Zonia proceeding (part funded by IMF Bentham) and those in the Baron proceeding (including large US pension funds) are to “engage one set of counsel to represent the Applicants and group members in both proceedings,” Yates directed.

The two actions derives from the CommBank’s own goal in August 2017, admitting to thousands of compliance errors with the operation of its intelligent deposit ATMs.

The class actions these are defined as the bank’s “alleged failure to comply with certain obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007, as well as its own anti-money laundering and counter-terrorism financing program.”

Zonia and Baron are to retain common expert witnesses and file common expert witness evidence; “use their best endeavours to avoid duplication of work and progress the two proceedings in a cooperative manner, and confer on major decisions and listing dates,” the judge ordered.

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