7 Aug, 2017

AUSTRAC: Compliance and Credit

By |2017-08-07T23:34:22+10:00Aug 7, 2017|Case Study, Education|

On the 3rd August 2017, the Australian Transaction Reports and Analysis Centre (AUSTRAC) initiated civil penalties proceedings against the Commonwealth Bank of Australia (CBA) for ‘serious and systematic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act)’. Alleged breaches of the AML/CTF Act include failure to perform risk assessment on CBA’s own Intelligent Deposit Machines (IDMs), failure [...]