News

In the wake of an unprecedented lawsuit against Commonwealth Bank of Australia for alleged compliance violations, other lenders are re-evaluating their own risks and adjusting to a potentially more aggressive regulatory climate, say sources. On August 3, the Australian Transaction Reports and Analysis Centre, or AUSTRAC, accused the country's largest financial institution of violating anti-money laundering rules on nearly 54,000 occasions by failing to gauge the risks posed by cash-deposit machines, file timely reports on large cash transactions, monitor specific clients adequately and report suspicious behavior even when warned by law enforcement. AUSTRAC claimed those violations caused Commonwealth Bank of...