The Commonwealth Bank of Australia has argued that disclosing its money laundering failures before AUSTRAC brought proceedings would have misled the market, as the bank takes the rare move of defending a shareholder class action at trial.
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.