One of the Largest Banks in the World Just Accused of Laundering Millions for Drug Cartels

Thursday, August 3, 2017
By Paul Martin

Commonwealth Bank is in hot water, as civil penalties proceedings begin after an investigation found tens of thousands of violations of money laundering and terrorist financing laws.

By Claire Bernish
August 3, 2017

Commonwealth Bank of Australia stands accused by the Australian Transaction Reports and Analysis Centre (AUSTRAC) of a stupefying 53,700 violations of money laundering and counter-terrorism-financing laws, in which the financial institution failed to notify in a timely fashion — and, sometimes, not at all — transactions topping a mountainous A$77 million.

As the case unfolds, it should be noted, each breach of the act carries a jaw-dropping potential penalty of A$18 million — meaning Commonwealth Bank could be slapped with an astonishing level of fines.

Alleging ‘serious and systemic non-compliance’ with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), the regulator commenced civil penalties proceedings against CommBank on Thursday, after the tentative conclusion of an investigation — the heft of which focused on the bank’s use of intelligent deposit machines (IDMs) — revealed rampant breaches of the act, according to acting CEO Peter Clark.

“The effect of CommBank’s conduct in this matter has exposed the Australian community to serious and ongoing financial crime,” asserted AUSTRAC in a statement.

“Non-reporting of and late reporting both delays and hinders law enforcement efforts. Delays in this case have resulted in lost intelligence and evidence (including CCTV footage), further money laundering and lost proceeds of crime.”

The Rest…HERE

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