CBA admits breaching anti-money laundering laws

Australia’s largest bank has admitted to 53,506 breaches of anti-money laundering legislation.

Commonwealth Bank today admitted to the breaches and agreed it was late in filing 53,506 threshold transaction reports.

The maximum penalty for each individual contravention is $11 million.

The Australian Transaction Reports and Analysis Centre has said it will file another 100 transgression notices against the bank tomorrow.

Todd Harland from ALM Solutions Intrenational joins Ross Greenwood to break down what this means for the bank.

“I”m sure they’re fighting to keep the fine as low as possible.

“I think the court system will have to make sure the fine is significant enough that is it not seen as a cost of doing business with the banks, and also to make sure that warning shot is effective.”

Listen to the full interview below