The claims add to those included in a civil case that the watchdog filed in August, in which the watchdog accused CBA of several breaches of law including failing to identify, monitor and report money transfers over A$10000 (R102910), in contravention of the anti-money laundering and counter-terrorism financing act.
“These allegations are very serious and reflect systemic non-compliance over about six years," Australian Transaction Reports and Analysis Centre (Austrac) chief executive, Nicole Rose, said in a statement.
CBA on Wednesday formally admitted to a range of allegations levelled against it, but disputed the number of contraventions. Yesterday, it said it would file an amended defence in due course.
“We take our anti-money laundering and counter-terrorism financing obligations extremely seriously, and deeply regret any failure on our part to comply with these obligations,” CBA said yesterday.
The amended claims included attempts to wire money to Beirut by a person who was in 2005 convicted of terrorism-related activities which was not reported to Austrac within 24 hours, as required, according to a filing with Australia’s Federal Court.
“In spite of concluding on June 26, 2017 that potential terrorism financing was being conducted on CommBank Account 184, a stop was not put on CommBank Account 184 until August 9, 2017,” Austrac said in court documents.
- REUTERS/ AFRICAN NEWS AGENCY