Bank admits breaching Aussie dirty money laws

SYDNEY: Australia’s biggest bank, the Commonwealth, has admitted more than 50,000 breaches of anti-money laundering laws, but said it will defend a host of others claims brought against it.

was hit with a civil case by Australia’s financial intelligence agency AUS

- gaged in “serious and systemic noncompliance” of anti-money laundering laws involving thousands of transactions.

It prompted other regulators to launch inquiries into the embattled bank over its handling of the issue

- ted to breaching anti-money-launder it was due to a “systems-related error”.

“We contest a number of allegations but admit others, including the allegations relating to the late submis by the same single systems-related er- ror,” it said late Wednesday.

for cash transactions of Aus$10,000 November 2012 and September million.

But the lender said it would defend more than 100 other allegations regarding its alleged failure to disclose suspicious transactions on time, or not at all.

- es could be coming in an amended statement of claim containing additional alleged contraventions.

renewed calls for the government to launch a full investigation into has been hit with a series of scandals and mortgage fraud.

last month, saying it was needed to restore faith in the massively