CBA says “software error”. Insider says “no one gave a rat’s arse”

A Commonwealth Bank insider has rejected the bank’s claims that a “software error” caused its systematic money-laundering.

Rather, it was due to management incompetence and a culture in which compliance ran a poor second to profit.

The person, who does not wish to be identified, said bank executives were warned about system

problems involving the the interface with AUSTRAC but said, “No one gave a rat’s arse”.

“Compliance always comes last in CBA and it is frequently and quietly dropped, overlooked and omitted,”

said the person.

“As for this “software error” … haha”.

In response to questions from michaelwest.com.au, a CBA spokesman said: We’re currently reviewing the statement of claim.

“All of our statements in relation to the matter are available here – https://www.commbank.com.au/personal/newsroom.html

“We can’t offer any additional information at this time.”

CBA, which handed down a record $10 billion profit result this week, is the subject of a lawsuit by the

money-laundering and counter terrorism watchdog AUSTRAC which alleges the bank presided over

more than 53,000 breaches of Australia’s money-laundering and counter terror-financing laws (AML-CTF).