' money laundering occurred as a result of a design failure of a relatively new technology and which is quite clearly unintentional.'
Unintentional? No it was the result of CBA's lack of risk culture that this happened and thats exactly why the $700 Million penalty has been applied so that CBA management will get the message loud and clear that they have to take risk seriously.
The board of CBA was warned many times from 2013 onwards and simply ignored the issue until APRA hammered them in August 2017.
"that 149 suspicious matter reports were filed late or not filed at all." 149 Suspicious matter reports not filed or sent late! Thats a major breach of regulations and shows a seriously lax risk culture. Just one of many examples........
CBA Price at posting:
$69.69 Sentiment: Sell Disclosure: Not Held
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