August 3 2017
Commonwealth Bank Australia was accused of 53,700 breaches of money laundering laws by Australia’s financial intelligence and regulatory agency, AUSTRAC, on Thursday — that much you’ve probably already heard. AUSTRAC alleges Commbank seriously and systematically breached compliance of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws using a technique known as “cuckoo smurfing”. Yes that’s an actual name for an actual money laundering method and it’s as unusual and sophisticated as it seems. So what is it exactly and how does it work?