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Showing 1 - 10 of 11 results for "IDM"

Two CBA class action appeals dismissed

ELIZA BAVIN  |  FRIDAY, 5 SEP 2025
Commonwealth Bank (CBA) has defeated the appeals from the Zonia and Baron shareholder class actions in the Federal Court. The Full Court concluded that the appellants did not prove any loss, and there was no award of damages. The two class actions related ...

Federal Court rejects two CBA class actions

KARREN VERGARA  |  MONDAY, 13 MAY 2024
... the information CBA should have released included the late Threshold Transaction Reports (TTR), account monitoring failure, IDM ML/TF risk assessment non-compliance, and potential penalties. "The applicants allege that the Bank was required by r 3.1 ...

CBA settles with AUSTRAC for $700m

JAMIE WILLIAMSON  |  MONDAY, 4 JUN 2018
Commonwealth Bank will pay $700 million to resolve civil proceedings brought against it by AUSTRAC for contravening anti-money laundering and counter-terrorism laws - almost double what it anticipated. CBA has announced it reached an agreement with ...

CBA and AUSTRAC agree to mediate

ALEX BURKE  |  FRIDAY, 23 MAR 2018
At the request of both parties, the Federal Court has referred the proceedings between CBA and AUSTRAC to mediation. The Court's decision also requires AUSTRAC to file and serve any reply to CBA's amended response by April 6 and set a timetable for ...

CBA denies majority of latest AUSTRAC allegations

KARREN VERGARA  |  FRIDAY, 23 FEB 2018
... 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 separate ...

CBA hit with fresh AML breaches by AUSTRAC

EMMA RAPAPORT  |  FRIDAY, 15 DEC 2017
The hits keep coming for CBA with fresh allegations of money laundering and counter-terrorism financing levelled by the regulator. In amended statement of claim released yesterday, AUSTRAC filed a further 100 alleged breaches of anti-money laundering ...

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

KARREN VERGARA  |  THURSDAY, 14 DEC 2017
CBA admitted systems glitches have led to it breaching anti-money laundering and counter-terrorism laws on more than 53,000 occasions, and flagged it is bracing itself for new allegations to be handed down by AUSTRAC. In filings submitted in response ...

CBA chair defends executive bonuses

KARREN VERGARA  |  MONDAY, 23 OCT 2017
The Commonwealth Bank is standing by the way it rewarded bonuses to senior executives between 2015 and 2016, the period it was made aware of potential anti-money laundering and counter-terrorism law breaches, a public inquiry has found. Commonwealth ...

CBA contemplates CommInsure sale

ALEX BURKE  |  WEDNESDAY, 9 AUG 2017
... AUSTRAC. So far, this has led to several actions, including the immediate fix of a coding error in intelligent deposit machine (IDM) threshold transaction reporting (TTR); changes in senior leadership relevant to the oversight of financial crimes compliance ...

CBA blames reporting failure on software error

EMMA RAPAPORT  |  MONDAY, 7 AUG 2017
The 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 ...
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