Commonwealth Bank
(ASX:CBA) says its reviewing the allegations made by AUSTRAC about money laundering and it's looking to file a defense.
The bank says its defense will take a significant amount of time to prepare as the statement of claim that AUSTRAC filed last week was 580 pages long
AUSTRAC’s alleges there are past and ongoing contraventions of four provisions of the Anti-Money Laundering and Counter Terrorism Financing Act 2006.
In one factor, for example, AUSTRAC alleges about 53,000 transaction reports were lodged late and late lodgments carry a penalty of up to $18 million.
CBA says while the outcome will be determined in court, it will keep AUSTRAC abreast of its efforts in improving AML/CTF Act compliance.
Shares in Commonwealth Bank
(ASX:CBA) are trading 0.15 per per cent lower to $80.60
