He has also said Westpac, ANZ and National Australia Bank are not suspected of breaching the anti-money laundering laws CBA has allegedly broken. Two weeks ago, Austrac launched civil proceedings in the federal court against CBA, claiming the bank had made “serious and systemic” violations of laws aimed at combating the funding of terrorism and crime syndicates. Commonwealth Bank is accused of failing to report properly to Austrac on $77m worth of suspicious transactions. “Six of those relate to cash transactions by five customers with respect to whom the bank has assessed have a potential link to terrorism or terrorism financing,” Clark said on Friday. Austrac has already alleged that CBA’s ATMs were used by four money-laundering syndicates, including three linked to drug importation and distribution networks.

Source: The Guardian August 19, 2017 00:56 UTC