Australia’s big banks will face potential penalties within the next six months for breaching money laundering laws, Australia’s financial intelligence agency head said on Tuesday.
AUSTRAC Chief Executive Nicole Rose said banks have stepped up self-reporting of breaches to the agency by 70% since it launched civil action against Commonwealth Bank of Australia two years ago.
“I can say that we will have more enforcement action in the next six months – warnings all the way through to civil penalty – because of the increased intelligence that we’ve been receiving. There will be appropriate action,” Rose said in an interview on Australian Broadcasting Corp radio.
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