While CBA’s defence to a shareholder class action argues the bank did not need to disclose money laundering failures because it doubted AUSTRAC would take legal action, communications show it was drafting a defence six months before proceedings started, a trial has heard.
The Commonwealth Bank of Australia knew about a “catastrophic” code error that caused widespread non-compliance with money laundering rules two years before it was disclosed to the market, a court has been told in a rare shareholder class action trial.
The Commonwealth Bank of Australia faces trial Monday in one of several class actions filed against a major Australian company in recent years over allegedly lax money laundering practices and disclosures.
Sportsbet and Bet365 face an audit by AUSTRAC over their compliance with anti-money laundering and counter-terrorism financing laws.
AUSTRAC has appointed an external auditor to Perth Mint, Australia’s official bullion mint, to assess its compliance with anti-money laundering and counter-terrorism financing laws.
National Australia Bank has avoided enforcement action and entered into an undertaking with AUSTRAC to settle an investigation into compliance with anti-money laundering and counter-terrorism financing laws.
Financial crimes watchdog AUSTRAC is investigating whether three companies in the Bell Financial Group have contravened anti-money laundering and counter-terrorism financing rules.
AUSTRAC has expanded into investigation into Star Entertainment’s compliance with anti-money laundering laws, two months after a third law firm announced a shareholder class action investigation into the casino operator on the back of damning media reports.
The Commonwealth Bank of Australia has failed in its bid to dismiss a case brought by customers who claim they were the victims of “cuckoo-smurfing” and had funds seized as proceeds of crime because the bank breached its anti-money laundering obligations.
The judge overseeing class actions against Commonwealth Bank over its money laundering compliance failures has threatened to force the parties to go to trial by a certain date if they can’t agree to “sensible” time limits to ready the case for hearing, noting he would reach retirement age in 2024.