Commonwealth Bank share price falls after AUSTRAC anti-money laundering case
CBA share price drops 3.7%
The share price of Commonwealth Bank (ASX: CBA) dropped 3.7% on Thursday after the bank was fined $700 million for anti-money laundering breaches. The Australian Transaction Reports and Analysis Centre (AUSTRAC) found that CBA had failed to report 53,700 international funds transfer instructions (IFTIs) between 2012 and 2015. The bank also failed to properly monitor and assess the risk of money laundering and terrorism financing.
The case is a major embarrassment for CBA
The case is a major embarrassment for CBA, which is Australia's largest bank. The bank has been under pressure from regulators to improve its anti-money laundering controls, and the AUSTRAC case is likely to make those regulators even more concerned. The case is also likely to damage CBA's reputation with customers and investors.
The case is a reminder of the importance of anti-money laundering controls
The case is a reminder of the importance of anti-money laundering controls for banks. Banks play a key role in the fight against money laundering and terrorism financing, and they need to have strong controls in place to prevent these activities. The AUSTRAC case shows that even large banks can fail to meet their anti-money laundering obligations, and it is important for regulators to take action against banks that do not meet these obligations.
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