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Posted: 2018-03-08 07:46:36

The Commonwealth Bank is halving the maximum amount of cash customers can deposit through an ATM in a day, as it seeks to strengthen systems for fighting financial crimes in response to a money laundering compliance scandal.

Amid high-stakes legal action over alleged money laundering via its ATMs, CBA this week announced a $10,000 limit on how much cash customers can deposit through an ATM in a day.

CBA says the new limits on cash deposits through ATMs are a first for a big bank.

CBA says the new limits on cash deposits through ATMs are a first for a big bank.

Photo: James Allcock

The move,  designed to deal with money laundering risks, comes four months after CBA last year put a $20,000 limit on daily deposit through its ATMs.

The new restrictions  are a response to action from the financial intelligence agency, Austrac, which last August launched action alleging CBA repeatedly breached anti-money laundering and terrorism finance laws, by failing to properly report suspicious transactions through its ATMs.

CBA has admitted to some of the breaches, and the bank is overhauling its systems for detecting suspicious movements of cash.

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