Warning: AML obligations require review.

Prepared by Julia Winzar

The CBA is alleged to have committed more than 50,000 breaches of its anti-money laundering obligations in relation to the use of its intelligent deposit machines that were introduced back in 2012. If you have anti-money laundering obligations you should be conducting a regular review of the money laundering and terrorism financing risk faced by your business, including at any time there is a change to your business activities or the way in which your designated services are provided. If you don’t have an up-to-date risk assessment, now is a good time to look at this and also to review the appropriateness of your existing systems and controls for mitigating and managing this risk.

Link to article:

http://austrac.gov.au/media/media-releases/austrac-seeks-civil-penalty-orders-against-cba