AML CFT Legislation
Written by Bernie on June 6, 2018 in AML CFT Programmes

Don’t be late in getting compliant… this warning came a little too late for the CBA after they have been fined $700,000,000.00 for not complying, and shows how seriously breaches are being taken. See the main points below or click on the link to read the full story.

“For a period of three years, the bank also failed to properly monitor transactions on 778,370 accounts to check for money-laundering red flags.

It also admitted that 149 suspicious matter reports were filed late, or not filed at all.

In addition, the bank breached its obligations to perform checks on 80 suspicious customers and transaction monitoring did not operate as intended on a number of accounts between October 2012 and October 2015.”

If you are finding areas within the AML/CFT legislation that are causing concern or you are not familiar with contact us to see how 2Compli can help.

Commonwealth Bank to pay $700m fine for anti-money laundering, terror financing law breaches