CBA blames money laundering allegations on ‘coding error’

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August 7 2017

Commonwealth Bank of Australia has blamed a software “coding error” for most of the 50,000 breaches of money laundering and counterterrorism laws alleged by Australia’s financial crime-fighting agency.  The country’s biggest lender said on Monday it was reviewing a legal action initiated last week by the Australian Transaction Reports and Analysis Centre (Austrac) but played down reports it could face fines worth almost A$1tn (US$793bn).