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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.

ACCUSATIONS:

* 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.

PENALTIES:

* Faces a possible maximum penalty of $18 million for each contravention, if found guilty.

Austrlaian Associated PressBack to Breaking News

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