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REGULATOR GIVES DEADLINE FOR MONEY LAUNDERING REPORT AT AUSTRALIA’S COMMONWEALTH BANK

Author: Azizur Rahman  13 September 2017

Posted in : Anti-Money Laundering .

Australia’s banking regulator has set a January 31 deadline for a progress report on its inquiry into money laundering at the Commonwealth Bank of Australia (CBA).

The Australian Prudential Regulation Authority (APRA) has also stated that it wants the final report completed before May 2018. It has appointed a three-man panel of senior business figures and academics to carry out the enquiry and compile the report.

APRA’s demands follow a money laundering scandal at CBA, which involves the bank’s automated payment systems allegedly being used by drug dealers and other criminals to launder tens of millions of dollars.

It wants the report to consider whether CBA’s existing response to the problem is adequate and, if not, what other action needs to be taken.

We obviously do not yet know what, if any recommendations, the enquiry panel will make. But the fact that one has had to be set up is a clear enough indicator that CBA’s procedures were clearly not fit for purpose.

The problems that CBA has suffered could have certainly have been minimised, if not prevented entirely, if it had taken and acted on informed advice regarding money laundering prevention in its automated systems.

Read our article: AUTOMATION AND MONEY LAUNDERING

Azizur Rahman C 09369

Azizur Rahman

Senior Partner

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Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.

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