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In March, CBA had said the Federal Court had referred the civil penalty proceedings initiated by austrac against the bank for mediation at the request of both the parties. (1.3226 Australian dollars) (Reporting by Rushil Dutta in Bengaluru; Editing by Stephen Coates).
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As we have seen in this case, criminals will exploit poor business practices to launder the proceeds of their crimes, she said. Austrac chief Nicole Rose said the outcome was a strong message to the financial industry that non-compliance with anti-money laundering and counter-terrorism financing laws would not be tolerated. CBA, Australias largest company, last year admitted to the late submission of 53,506 reports to austrac for cash transactions of Aus10,000 or more at ATMs, blaming a systems-related error. This very large number of breaches over several years is unacceptable and should never have been allowed to happen.
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The breaches, which CBA blamed on a computer error, triggered a selldown in its share price and a board shake-up, with then-CEO Ian Narev announcing his retirement two weeks later amid a public outcry. Our agreement today is a clear acknowledgement of our failures and is an important step towards moving the bank forward.".
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While not deliberate, we fully appreciate the seriousness of the mistakes we made, said CBA chief executive Matt Comyn in a statement. It would also pay austrac's legal fees.5 million. Austrac said it would be the largest civil penalty in Australian corporate history if approved by the Federal Court. The bank, which in the fall-out has replaced senior leadership overseeing financial crimes and pumped millions of dollars into improving its systems, also agreed to pay austracs Aus2.5 million legal fees.
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CBA was also accused of failing to adequately monitor suspected terrorist financiers. The scandals led the government early this year to launch a royal commission into misconduct in the finance industry.
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This has real impacts on the everyday lives of Australians and puts the community at risk by increasing opportunities for terrorists to support attacks here and overseas, and enabling organised crime groups to peddle drugs to our families and friends. Its standing as one of Australia's most venerable companies has been tarnished further by malpractice revealed at an ongoing independent inquiry into the country's financial sector.