Short CBA into Austrac response, page-35

First 35 Last

Share
Profile

Follow
Plimsoll

5,721 Posts.

322

14/12/17

21:20

Post #: 29642411
Share

Originally posted by juniormint ↑

If we want to use Tabcorp fine as a precedent, Justice Perram accepted that all 108 breaches can be construed as a single course of conduct:

Accordingly, I conclude that a failure to comply with the AML/CTF Rules will generally have the consequence of causing an infringement of s 81. Contrary to the submissions of the parties, I cannot see how the text of s 81 can be bent so that it can be read as involving only a single infringement when a program is said to be deficient. Intractably, it appears to be contravened each time a reporting entity commences to provide a designated service to a customer whilst its program is not in a proper condition.
This otherwise alarming conclusion may, to an extent, be ameliorated by the course of conduct principle …. Where every infringement of s 81 springs from the same deficiencies in a program there is much to be said for the view that what is involved is a single course of conduct….. I propose for the reasons I have already given, to treat all of them as resulting from a single course of conduct. This does not limit the penalty which may be imposed to $17 million but it informs the decision which must be made.

I take ALL OF THEM to mean a penalty as $15M fine divided by 108 incidents giving about $140,000 per incident as informing the decision.

The same precedence sets CBA's S81 breaches, should they be found guilty at $7.4B. That would sting a bit! OF course it wont be that, but at the same time CBA don't have a strong a case as TABcorp for Course
of Conduct.

Expand

Junior by name, junior by outlook.

CBA Price at posting: $80.44 Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

XRO

'Step-change' for Xero internationally with $3.9B deal to buy US bill pay platform

BPH

Australia’s gas crisis is here – and dying coal plants aren’t helping

TKM

Trek Metals brings in another drill rig to dive deeper at Christmas Creek

GRE

Juicy copper-zinc target brings GreenTech closer to near-term Whundo production

Listen: HotCopper Wire Podcast 014 – Abu Dhabi wants to buy our 'true' oil and gas gem

First 35 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last $190.72		Change 2.590(1.38%)		Mkt cap ! $319.3B

Open	High	Low	Value	Volume
$189.84	$192.00	$189.02	$131.5M	691.2K

Buyers (Bids)

No.	Vol.	Price($)
5	221	$190.72

Sellers (Offers)

Price($)	Vol.	No.
$190.73	51	3

View Market Depth

No.	Vol.	Price($)
11	309	190.710
21	1399	190.690
6	1359	190.680
2	63	190.670
2	113	190.660

Price($)	Vol.	No.
190.730	24	2
190.740	101	5
190.750	449	3
190.760	3564	5
190.770	114	2

Last trade - 12.00pm 25/06/2025 (20 minute delay)

CBA (ASX) Chart

Short CBA into Austrac response, page-35

'Step-change' for Xero internationally with $3.9B deal to buy US bill pay platform

Australia’s gas crisis is here – and dying coal plants aren’t helping

Trek Metals brings in another drill rig to dive deeper at Christmas Creek

Juicy copper-zinc target brings GreenTech closer to near-term Whundo production

Listen: HotCopper Wire Podcast 014 – Abu Dhabi wants to buy our 'true' oil and gas gem

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Short CBA into Austrac response, page-35

Top Stories

'Step-change' for Xero internationally with $3.9B deal to buy US bill pay platform

Australia’s gas crisis is here – and dying coal plants aren’t helping

Trek Metals brings in another drill rig to dive deeper at Christmas Creek

Juicy copper-zinc target brings GreenTech closer to near-term Whundo production

Listen: HotCopper Wire Podcast 014 – Abu Dhabi wants to buy our 'true' oil and gas gem

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News