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Investigating the CBA culture

The Australian  |  15 September 2017  |  News

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It was 9.39am and 10C outside when a huge electronic document slid out through the encrypted walls of the secretive intelligence organisation Austrac and into the Federal Court of Australia. It ­landed with a loud crash.

The document would not only stun the corporate world, it also would up-end the Commonwealth Bank of Australia.

Austrac was just a small regulator with an acting chief executive. But its remit was to oversee anti-money laundering and terror financing laws.

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Suddenly, after all the scandals that had enveloped the Com­monwealth Bank in recent years, Austrac had landed an ­extra­ordinary punch. The statement of claim it served on August 3 was as blinding as the sun on a hot day: the blue-chip bank allegedly had failed to report more than 53,000 trans­actions.

Read More: http://www.theaustralian.com.au/news/inquirer/austrac-uncovers-unreported-money-laundering-at-commonwealth-bank/news-story/66e21b2a59faf2cf3fad10acc013be8c

 

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