GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
511962

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Austrac stands ground in CBA case repeatedly breached anti-money laundering laws,

Posted by on in ROYAL COMMISSION URGENT
  • Font size: Larger Smaller
  • Hits: 136
  • 0 Comments
  • Print

Austrac stands ground in CBA case

Clancy Yeates

9 April 2018

https://www.smh.com.au/business/banking-and-finance/austrac-stands-ground-in-cba-case-20180409-p4z8l3.html

Financial intelligence agency Austrac is sticking with legal arguments that are with part of its case that Commonwealth Bank repeatedly breached anti-money laundering laws, despite the bank's rebuttals.

Austrac late last week filed its response to CBA's amended defence, the latest development in the agency's high-profile claim that CBA failed to properly monitor and report suspicious cash transactions through its ATM network.

Austrac launched its initial explosive case against the bank in August before adding 100 further alleged breaches in December, including one case involving suspicious transactions by a convicted terrorist.

In February, CBA denied 89 of these extra claims. It also argued that there were fewer contraventions of the anti-money laundering laws than had been alleged by Austrac.

Many of the technical legal points being debated relate to CBA's alleged failure to provide Austrac with "suspicious matter reports" (SMRs), and whether the bank properly conducted due diligence on customers.

Austrac's latest filing reiterates its previous position, by arguing that various failures by CBA to provide all the relevant information in SMRs were indeed contraventions of the law.

Austrac also pointed to five bank accounts opened by CBA between 2009 and 2014, which Austrac alleged were "specifically generated for the purpose of laundering money".

Austrac maintained that CBA contravened the law in these cases because CBA held suspicions the accounts were being used to launder money, but failed to tell Austrac about this suspicion.

The latest development in the Austrac saga comes as CBA appears to be edging towards a settlement, after it last month said it would enter into mediation talks with Austrac, in response to orders from the Federal Court.

The talks, which could pave the way for a settlement, are to occur before May 25, and will run alongside the court process.

The bank set aside $375 million in its latest financial results to cover fines it may face from the scandal, though some analysts have predicted CBA may end up being slapped with a higher penalty than this

Last modified on
Rate this blog entry:
0

Comments