CBA pushes back against AUSTRAC, rejecting bulk of fresh money-laundering allegations

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February 23 2018

The Commonwealth Bank has fired back at Australia’s financial intelligence agency AUSTRAC, rejecting the bulk of fresh allegations made over breaches of money laundering and anti-terrorism funding laws.

Key points:

CBA says it accepts in part only 11 of 100 new allegations laid by the financial intelligence agency
The banks says it has spent more than $400 million on its compliance systems to fight financial crime in recent years
CBA rejects all claims made in investor class action, saying it complied with continuous obligation disclosures to the market at all times.