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AUSTRAC welcomes Federal Court orders for CBA penalty

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AUSTRAC welcomes Federal Court orders for CBA penalty

20 June 2018

AUSTRAC has welcomed the $700 million civil penalty ordered today against the Commonwealth Bank of Australia (CBA) by the Federal Court of Australia.

This is the largest civil penalty in Australia’s corporate history and reflects the magnitude of the serious non-compliance by CBA.

AUSTRAC CEO Nicole Rose PSM said this penalty will cause industry to take note and that anti-money laundering and counter-terrorism financing (AML/CTF) will become a regular talking point in boardrooms of financial institutions across the country.

“Compliance with the AML/CTF Act is a serious matter. Money laundering, terrorism financing and serious financial crime are very real issues with very real impacts on the lives of everyday Australians,” Ms Rose said.

“It is the responsibility of financial institutions, their boards and senior management to ensure the organisation they oversee takes its AML/CTF obligations seriously, and that there is an organisational culture that supports this.

“This is about the safety of our community and that is why this penalty today is so important.”

AUSTRAC will continue to work collaboratively with CBA as they work to strengthen their compliance practices.