Homepage / Currency / Australia’s CommBank is accused of abetting money-laundering
Базовые правила и условия игры в kazino online на настоящие деньги Ana amaç çevrimiçi kumarhane 7slots: önemli avantajlar ve kategoriler Как начать игру в казино онлайн на настоящие деньги 1win Apk: Um Melhor Aplicativo Pra Jogos De Cassino Aqui No Brasil” 1win Apk: Um Melhor Aplicativo Pra Jogos De Cassino Aqui No Brasil” Mostbet Azerbaycan Rəsmi Casino Giriş Və Qeydiyyat Mostbet A Миссди Ххк Cassino Online Operating System Melhores Jogos At The Bônu 1win Mali Site Officiel des Paris Sportifs et Casino Inscription 1xbet Aviator How To Play The Aviartor Game On 1xbet In Nigeri прохода 1win Официальный Сайт Букмекерской Конторы же Казино 1ви Скачать Пин Ап Казино%3A Мобильное Приложение Pin Up Be Laurence Escalantes online casino empire feels heat of US lawsuits 1xbet Paid For Over $836, 000 To A Player From Africa Казино Покердом Играть Онлайн Бесплатно%2C официальный Сайт%2C Скачать Клиен Бесплатные Игры Казино Слоты И Игровые Автомат “казино Pin Up%3A находимся Вместе К вожделенной Мечте Ücretsiz Slot Oyunları Silvergames’te Çevrimiçi Oynayın Mostbet Bookie: Legjobb Szorzók És Élő Fogadási Élmény Online Mostbet Login To Your Online Casino Personal Account In Bangladesh! Top 10 Best Online Gambling Dens In 2024 Tested & Approve Powerful casino tactics in 2024: 7 vital methods for athletes Guide to Online Casinos in Canada “Online Kumarhane Oyna Çevrimiçi Kumarhane Nolimitwa Legalzoom Hisse Geri Alım Programını 75 Milyon Dolar Artırdı Yazar Investing Co Как играть в симуляторы в онлайн-казино Вавада Игровые Автоматы Демо Играть Бесплатно нет Регистраци Glory Casino: Top Online Casino Video Games In Banglades Рейтинг Надежных Онлайн Казино Лучшие Топ Клубы Росси Fortune Tiger Slot Review: Análise E Como Joga 1win Au Bénin: Une Revue Complète De La Plateforme De Paris En Lign Sledování Titulu Casino Suprême: Kde Sledovat What is a Data Room? Как Стать Стримером Казино%3F Что для Этого Нужно%3 Best Game Software How to Design Engaging and Effective Educational Events Winline Делает Разницу! Букмекерская Контора Winline Онлайн Ставки На Спорт Making Corporate Travel Arrangements Business Virtual Data Room Stock Market Tips For Beginners What to Look for in a VDR Provider Why You Need a Secure Data Room Learning in the Digital Age How to Apply For Business Loans VDR and Document Management Performance Management and HR Outsourcing Modern Business Integration How to Choose the Right Board Portal Software for Your Company How to Choose a Data Storage Room Why Startups Use a Data Room for Investors The Best Web Tools for Designers Use Cases For Using VDR Documents Subsidy Programs and Financing Innovative Technologies for Audit What Is Real Estate Management? Investment and Funds Inspiring Teaching Books What Are the Benefits of a Virtual Data Room? Startups and Business Ideas How to Improve Virtual Board Communication The Lego Company History Investing in the Biotech Industry Financial Startup Basics Jogue Por Dinheiro Actual Em Cassino Onlin Virtual Communication Methods for Remote Leaders How to Choose the Best VDR Providers How Successful Online Businesses Succeed How Business Experts Fuel Innovation and Create Competitive Edge The IT World and Business Deal Making Software and How it Can Help Your Business Virtual Data Room Software Types of Steel Materials and Their Uses Board of Directors Software Bonver Casino Cz Hrací Automaty S Bonusem Zdarm Magazyn Żużel Speedway W Polsce I Na Świeci What Is Logistics School? What Is the VDR for Acquisition? The Best Data Room Apps For Startups Best Practices for Creating an Effective Board Meeting Agenda How to Choose the Best Shareholders Online Platforms Ostdeutsche Biersorten Getting a Construction Management Degree How to Select an Online Data Room Provider Start Your Blog Without Investment What to Look for in a Board Room Provider Data Room Comparison – Which Data Room Is Right For Your Business? Zakłady Sportowe Online Autógrafo Bukmacherska 1xbe “Pin-up O Melhor Cassino Do Brasil Web Site Oficial ᐈ Jogar Caça-níquei Rotating Events in Our Time How to Choose the Best Business Software Choosing an Online Payment Processor Due Diligence Software Virtual Data Room Providers for M&A Due Diligence The Best Online Data Room Benefits of a Due Diligence Data Room Best Practices for Data Rooms Types of Corporate Governance What Is Virtual Data Storage? Benefits of Document Distribution Software The Benefits of a Data Room for Startups Effective Project Management Requires a Mix of Technical and People Skills

Currency

Australia’s CommBank is accused of abetting money-laundering

WHEN the Commonwealth Bank of Australia on August 9th reported its profit for the year to June—above forecasts and just shy of A$10bn ($7.9bn)—it faced questions about cashflows of another sort. Six days earlier the Australian Transaction Reports and Analysis Centre (AUSTRAC), a regulator charged with gathering financial intelligence to combat money-laundering and terrorism, had launched proceedings against it for “serious and systemic non-compliance”. Citing “collective responsibility” for the bank’s reputation, Catherine Livingstone, its chairwoman, has announced cuts to bonuses for Ian Narev, the chief executive, and others.

Founded 106 years ago, CommBank, as it is known, is one of Australia’s biggest banks. AUSTRAC traces its case to 2012, when the bank started installing “intelligent deposit machines”. They accept cash, let depositors stay anonymous and allow money to be switched to other accounts in Australia and overseas straight away. CommBank sets a ceiling of A$20,000 per transaction through the machines, but no limit on the number of daily transactions. Australia’s other three big banks—Westpac, Australia and New Zealand Bank and National Australia Bank—limit single transactions through their machines to about a quarter of that value.

  • The ACLU stands up for an alt-right author’s freedom of speech

  • Ryanair drops plans to serve Ukraine

  • British university rankings

  • British university rankings methodology

  • “A Ghost Story” is an enigmatic look at loss

  • How Donald Trump may be making life easier for one violent street gang

Shifting money around this way has become increasingly popular—in some months CommBank’s machines have received A$1bn in cash deposits. The regulator says the bank took no steps to assess money-laundering and terrorism-financing risks from this deposit system until mid-2015, three years after it started.

The Anti-Money Laundering and Counter-Terrorism Financing Act obliges banks to report cash transactions above A$10,000 made through their machines within ten days. AUSTRAC claims CommBank failed to do so for about 53,500 suspicious transactions valued in total at A$625m. Some were linked to money-laundering groups under investigation by the police; a few even involved customers CommBank itself saw as potential risks for terrorism financing.

Deposits of A$27m into one account came from a drug syndicate, three members of which have been charged. The regulator says some CommBank accounts were used for “cuckoo smurfing”, a form of laundering money from one country to another without sending it across a border. It said the bank’s conduct exposed Australia to “serious and ongoing financial crime”.

Mr Narev admits CommBank made “mistakes”. The bank blames these on a software “coding error” linked to its machines and says it has complied with its reporting obligations since late 2015. Each of the 53,500 alleged contraventions could attract a fine of A$18m, leading to a theoretical total of nearly A$1trn. But the bank suggests they could all stem from the same cause, the one coding error, so the fine might not be catastrophic. It is preparing a defence statement for the Federal Court.

Many Australians resent bigger banks, believing that they put profits before customer service. Three years ago, a parliamentary committee criticised CommBank after revelations that some of its advisers had steered people into investments that soured. Malcolm Turnbull’s conservative government has resisted calls from the Labor opposition for a royal-commission inquiry into banks. Instead, in its latest budget it imposed a levy on Australia’s five biggest, to raise about A$1.5bn a year.

The CommBank drama will only aggravate public exasperation with banks. Scott Morrison, the treasurer, has warned Ms Livingstone that the government will “consider all options”, without naming them. Anna Bligh of the Australian Bankers’ Association, a trade body, hopes that the CommBank affair will be a lesson “for the entire financial industry”. Even Mr Narev concedes banks are “not exactly drawing on a deep reservoir of public goodwill”.

Source: economist
Australia’s CommBank is accused of abetting money-laundering

Comments are closed.