Ann: $264m Damages claim against ASX for misleading conduct, page-440

That is almost unbelievable. At least AUSTRAC did something.


CBA will pay $700 million plus legal costs after federal financial intelligence agency AUSTRAC last year accused the bank of serious and systemic failures to report suspicious deposits, transfers and accounts.

As part of the settlement, CBA admitted to the late filing of 53,506 reports of transactions of $10,000 or more through its "intelligent deposit machines" (IDMs).

For a period of three years, the bank also failed to properly monitor transactions on 778,370 accounts to check for money-laundering red flags.

It also admitted that 149 suspicious matter reports were filed late, or not filed at all.

In addition, the bank breached its obligations to perform checks on 80 suspicious customers and transaction monitoring did not operate as intended on a number of accounts between October 2012 and October 2015.

AUSTRAC's investigation also exposed 14 occasions where CBA failed to properly assess risks related to its IDMs.

While many of the transactions were for legitimate purposes, the bank has admitted that it failed to report "millions of dollars of suspected money laundering".

"AUSTRAC suspects that there was significant further undetected money laundering through CBA accounts that ought to have been detected and reported," noted the statement of facts agreed between the bank and AUSTRAC.

https://www.abc.net.au/news/2018-06-04/commonwealth-bank-pay-$700-million-fine-money-laundering-breach/9831064