Investigating the CBA culture
The Australian |
15 September 2017
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.
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