Shows your lack of understanding about the two situations.
On the CBA issue - the banks are Required to notify AUSTRAC of transactions at 10k or greater within 24 hours.
Firstly, do you have any other idea how many transactions are at 10k or above that happens on a daily basis?
Millions!!!
So the banks and other financial institutions use computer software to identify and notify AUSTRAC.
On these 53,000, the software failed to notify AUSTRAC within those 24 hours deadline.
That is, it was late. Nothing deliberate. No conspiracy. Just failure of the software - if you ever used computers software, you would know sometimes they do fail.
Important to note that AUSTRAC was notified, just after those 24 hours.
Second point: No money was ever transferred to a terrorist organization.
If you ever transferred money overseas - you would know it takes up to 3 days for it to be finalized.
CBA was able to stop the transfer upon being alerted - within those 3 days.
Third - the banks are NOT a law enforcement agency or an extension of the Government.
They do not have an intelligence agency or keep criminal record to identify who is a criminal or a terrorist.
Final point: the requirement to notify AUSTRAC within those 24 hours, is not the requirement to notify ASX - if banks were required to notify ASX for every transaction at or above 10k, you would have millions of notification on a daily basis.
The issue with AUSTRAC was an administrative matter.
Not an issue with ASX at all. CBA has been in compliance of ASX rules.
Which is totally different to BIG. That is the reason why BIG has been suspended from trading.
