August 7 2017
Commonwealth Bank of Australia has blamed a software “coding error” for most of the 50,000 breaches of money laundering and counterterrorism laws alleged by Australia’s financial crime-fighting agency. The country’s biggest lender said on Monday it was reviewing a legal action initiated last week by the Australian Transaction Reports and Analysis Centre (Austrac) but played down reports it could face fines worth almost A$1tn (US$793bn).