CBA vows to fight claims of money laundering
Add BT as a preferred sourceSydney
AUSTRALIA'S biggest bank on Monday admitted mistakes were made but vowed to defend claims it breached money laundering and terrorism financing laws, which could result in massive fines.
The Commonwealth Bank was taken to court last week by financial intelligence agency Austrac, accused of "serious and systemic non-compliance" with the legislation. It is facing civil action for allegedly breaching the laws 53,700 times, particularly in relation to its cash-deposit machines.
