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Showing 1 - 8 of 8 results for "Intelligent Deposit Machines"

CBA settles with AUSTRAC for $700m

JAMIE WILLIAMSON  |  MONDAY, 4 JUN 2018
... CBA admitted to the late filing of 53,506 threshold transaction reports for cash deposits through intelligent deposit machines (IDMs); inadequate adherence to risk assessment requirements for IDMs on 14 occasions; and that transaction monitoring did ...

CBA and AUSTRAC agree to mediate

ALEX BURKE  |  FRIDAY, 23 MAR 2018
... occasions. In filings submitted in response to the proceedings commenced by AUSTRAC, the bank said its Intelligent Deposit Machines (IDMs) "did not adequately adhere" to risk assessments, leading to "the same single systems-related error," hence failed ...

CBA denies majority of latest AUSTRAC allegations

KARREN VERGARA  |  FRIDAY, 23 FEB 2018
... CBA agreed with AUSTRAC that it "did not adequately adhere to risk assessment requirements" for its intelligent deposit machines (IDM) nor did it monitor them as intended between October 2012 and October 2015. But the bank denies this amounted to 14 ...

CBA hit with fresh AML breaches by AUSTRAC

EMMA RAPAPORT  |  FRIDAY, 15 DEC 2017
... requirements of its own AML/CTF program to identify, mitigate and manage the ML/TF risks associated with intelligent deposit machines (IDMs). AUSTRAC chief executive Nicole Rose said the additional alleged contraventions were identified after the civil ...

CBA admits to anti-money laundering breaches, AUSTRAC flags new allegations

KARREN VERGARA  |  THURSDAY, 14 DEC 2017
... AUSTRAC. In filings submitted in response to civil proceedings commenced by AUSTRAC, the bank said its Intelligent Deposit Machines (IDMs) "did not adequately adhere" to risk assessments, leading to "the same single systems-related error," hence failed ...

CBA chair defends executive bonuses

KARREN VERGARA  |  MONDAY, 23 OCT 2017
... Andrew Thorburn, who also fronted the Committee on the same day, said AUSTRAC has approved of its Intelligent Deposit Machines (IDMS) that accept a maximum cash deposit of $5000. "I want to assure you that NAB takes anti-money laundering obligations ...

CBA blames reporting failure on software error

EMMA RAPAPORT  |  MONDAY, 7 AUG 2017
... Commonwealth Bank says its failure to notify AUSTRAC of more than 53,000 large cash deposits in its intelligent deposit machines was caused by a software error which was not discovered for more than two years. In a public statement CBA outlined how when ...

CBA faces anti-money laundering allegations

EMMA RAPAPORT  |  FRIDAY, 4 AUG 2017
... Financing Act 2006 more than 53,000 times. The allegations include that CBA was late to report their intelligent deposit machines (IDMs) were potentially being used by multiple suspected money laundering syndicates, linked to criminal activity including ...
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