His partner in crime cover-ups David Cohen resigned as CBA company Secretary on 30 June 2016...wonder where the third musketeer David Turner is hiding out?
Commonwealth Bank responds to report it failed to monitor international transactions
By business reporter David Chau
Posted
Commonwealth Bank has responded to media reports it commissioned an internal review showing "large-scale" failures in transaction monitoring across its US, Asia and Europe businesses.
In a statement to the ASX on Friday, Australia's largest bank said it maintains "proactive" relationships with "all relevant global regulators".
According to a confidential document obtained by Sky News Business, the review was brought to the
attention of CBA's senior executives in February.
It reportedly showed that the monitoring of transactions — across nearly two-thirds of CBA's Institutional
Banking and Markets division — was either minimal or non-existent.
Verrender: Profit at what cost?
Where do you start? Ian Verrender says there is no way to understate the extent of the latest allegations against the Commonwealth Bank.
Furthermore, it allegedly revealed the "product financial crime risk assessments" across the group "have
not been updated since 2013".
CBA's response was not an outright denial.
However, it has called the internal review a "working document" — one which was "proposing technology enhancements as part of our ongoing Program of Action, including the automation of tasks currently undertaken manually".
"A combination of automated and manual monitoring is common practice across the industry," CBA said.
In addition, the bank said it had so far spent "more than $230 million to strengthen policies and processes related to financial crimes compliance".
This latest revelation follows the Federal Court action commenced by AUSTRAC in early August.
The financial intelligence agency has accused CBA of committing 53,700 breaches of anti-money laundering laws between 2013 - 2015, which can attract potential fines of almost $1 trillion.
On August 8, after it had been sued, the bank formed a "Committee of the Board" to "oversee the bank's response to AUSTRAC's statement of claim" and "strengthen the group's anti-money laundering frameworks".
Commonwealth Bank of Australia
30/06/2016 | Press release | Distributed by Public on 30/06/2016 14:13
Resignation of a Company Secretary
http://www.publicnow.com/view/01D0D42D82FD338EB4A77EBA5D2397889AB89140
8e43cd4a-9601-4961-8379-1200eadbc42d.pdf
Commonwealth Bank of Australia
ACN 123 123 124
|
Secretariat GPO Box 2719 |
Telephone |
(02) 9118 7110 |
Taryn Morton |
|
Sydney NSW 1155 |
Facsimile Email |
(02) 9118 7192
|
Group Company Secretary |
30 June 2016
The Manager
Company Announcements Platform Australian Securities Exchange
20 Bridge Street
SYDNEY NSW 2000
Dear Sir
Resignation of a Company Secretary
The Commonwealth Bank of Australia wishes to advise that David Cohen has resigned as a Secretary of the Commonwealth Bank of Australia (Bank) effective immediately.
Carla Collingwood and I remain as Company Secretaries of the Bank.
Yours sincerely
Taryn Morton
Group Company Secretary