Commonwealth Bank of Australia on Friday denied most of the 100 additional claims made against it in a major lawsuit by Australia’s financial intelligence agency regarding breaches of anti-money laundering laws.
Australia’s biggest bank said in a statement it admitted “in part” to 11 of the claims filed in December by the Australian Transaction Reports and Analysis Centre (AUSTRAC) alleging systemic non-compliance with anti-money laundering laws.
Most of the more than 53,800 claims made by AUSTRAC involve alleged late filing of transaction reports, which the bank says were the result of a single systems-related error. It has vowed to “vigorously defend” the claims.
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