Austrac flags tough action after being 'flooded' with money laundering breaches
Noel Whittaker |
19 August 2019
The nation's anti-money laundering regulator warns it is likely to take more action against Australia's top financial institutions after being "flooded" with reports of potential breaches following its landmark case against the Commonwealth Bank.
Austrac chief executive Nicole Rose said the 2017 case against CBA over its mass breach of anti-money laundering and counter-terrorism financing laws – which resulted in a record fine of $700 million – had triggered a sharp lift in "self-disclosure" from the companies it regulates.
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