Press Release
Published September 04, 2017 | View complete press releases list |
Commonwealth Bank confirms orders from AUSTRAC directions hearing
Date: September 04, 2017
Categories: Australia, riskregulation, Risk and Regulation, Transaction Banking
Keywords: CBA, AUSTRAC
The civil penalty proceedings initiated by AUSTRAC on 3 August 2017 against the Commonwealth Bank were listed for a directions hearing in the Federal Court.
The court ordered, with the consent of the parties, for Commonwealth Bank to file its defence to the proceedings by 15 December 2017 and for AUSTRAC to file a response by 16 March 2018.
The matter has been listed for a further directions hearing on 2 April 2018.
CBA’s response to AUSTRAC’s civil proceedings, as well as the ongoing program of action to strengthen the Group’s anti-money laundering frameworks, will continue to be overseen by a Committee of the Board of the Bank.
Re-disseminated by The Asian Banker
