You guys still don't get it!
No big players take the AML breaches as a serious issue for two reasons:
1. The Tabcorp case sets a precedent and effectively sets a cap on the size the fines
2. If the AFP or other intelligence agencies thought there was a credible risk in CBA being allowed to continue operating it's IDMs they could get a court order to force CBA to cease the operation of these machines or creating any new bank accounts. The 100 new AML breaches brought by AUSTRAC must therefore be benign .
So until CBA is prevented from doing business big players won't sell up and I will continue to buy up while the price is depressed.
CBA Price at posting:
$80.44 Sentiment: Buy Disclosure: Held
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