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Commonwealth Bank of Australia to Resolve AML / CTF Proceedings with $700 Million Settlements

Commonwealth Bank of Australia (CBA) has entered into an agreement to pay $700 million in civil penalty with AUSTRAC, the Australian Government’s financial intelligence agency, subject to court approval.  The $700 million payment will resolve the civil proceedings commenced by AUSTRAC in the Federal Court of Australia in 2017 for AML / CFT charges.

” Commonwealth Bank of Australia to Resolve AML / CTF Proceedings with $700 Million Settlements “

CBA has admitted further contraventions of Australia’s Anti-Money Laundering and Counter-Terrorism (AML/CTF) Act, including contraventions in risk procedures, reporting, monitoring and customer due-diligence.

CBA Chief Executive Officer Matt Comyn:



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“This agreement, while it still needs to be approved by the Federal Court, brings certainty to one of the most significant issues we have faced.  While not deliberate, we fully appreciate the seriousness of the mistakes we made. Our agreement today is a clear acknowledgement of our failures and is an important step towards moving the bank forward. On behalf of Commonwealth Bank, I apologise to the community for letting them down. ”

 

Background

The settlement with AUSTRAC includes a Statement of Agreed Facts and Admissions. In summary, as part of the agreement CBA has admitted to:

  • Late filing of 53,506 Threshold Transaction Reports for cash deposits through Intelligent Deposit Machines (IDMs).
  • Inadequate adherence to risk assessment requirements for IDMs on 14 occasions.
  • Transaction monitoring did not operate as intended in respect of a number of accounts between October 2012 and October 2015.
  • 149 Suspicious Matter Reports were filed late or were not filed as required.
  • Ongoing customer due-diligence requirements were breached in respect of 80 customers.

Source: Official Press Release



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