What to know on CBA's alleged law breaches
A GLIMPSE OF CBA'S ALLEGED FAILINGS:
WHAT YOU NEED TO KNOW:
* CBA has been accused of 53,700 breaches of laws put in place to combat money laundering and terrorism financing.
* Its shares plummeted almost three per cent just after noon.
* The allegations come after gaming giant Tabcorp paid $45 million to settle a money-laundering case with AUSTRAC in February.
* Failed to assess the money laundering and terrorism financing risk of intelligent deposit machines before rolling them out in 2012.
* Only took its first steps to assess the risks in mid-2015.
* Failed to provide on time reports of more than 53,500 transactions through IDMs of $10,000 or more, totalling $625 million.
* Failed to report suspicious matters involving $77 million worth of transactions, either on time or at all.
* Failed to monitor its customers even after suspected money laundering had been brought to the lender's attention.
* Faces a possible maximum penalty of $18 million for each contravention, if found guilty.
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