February 22, 2018 / 10:57 PM / 10 months ago

Commonwealth Bank of Australia admits to some of new AUSTRAC allegations

Feb 23 (Reuters) - Commonwealth Bank of Australia on Friday admitted to some of the new allegations made against it by the Australian Transaction Reports and Analysis Centre (AUSTRAC) regarding a failure of compliance with anti-money laundering laws.

Of the 100 new allegations in AUSTRAC’s claim, the company denied 89 allegations in full and admitted to 11 allegations in part, it said in a statement.

The new claims against the bank had included attempts to wire money to Beirut by a person who was in 2005 convicted of terrorism-related activities which was not reported to AUSTRAC within 24 hours, as required, according to a filing with Australia’s Federal Court.

Reporting by Ambar Warrick in Bengaluru; Editing by Chris Reese

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