August 17, 2017
The money laundering case against the Commonwealth Bank includes potential financing of terrorism, a federal parliamentary committee was told today. Peter Clark, acting CEO of AUSTRAC, the financial intelligence and regulatory agency, says the statement of claim against CBA has a small number of matters relating to terrorism financing.
The bank was earlier this month taken to the Federal Court accused of breaches of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act over combined cash deposits of $624.7 million. “Six of those (in the transactions listed in the statement of claims) relate to cash transactions by five customers in whom the bank has assessed a potential link to terrorism or terrorism financing,” Clark told the Senate Estimates Committee.