Com­mBank re­view­ing Aus­trac’s al­le­ga­tions

New Straits Times - - Business -

Rat­tled in­vestors wiped about A$4.5 bil­lion (RM15.41 bil­lion) from the mar­ket value of Aus­tralia’s Com­mon­wealth Bank (Com­mBank), fol­low­ing al­le­ga­tions of “se­ri­ous and sys­temic” breaches of money-laun­der­ing rules. The bank said it was re­view­ing the al­le­ga­tions made by the coun­try’s fi­nan­cial in­tel­li­gence agency, Aus­trac. Aus­trac said it had launched civil penalty pro­ceed­ings in the Fed­eral Court against Com­mBank in the big­gest of its kind case and the first against a ma­jor bank.

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