The recent enforcement action against Australia’s largest bank, was a watershed moment in Australia’s AML/CTF regime. Our CEO was asked for comment by ABC News (see below link). The $700 million enforcement action eclipses the previous record of $45 million against Tabcorp and signals a new era for AUSTRAC as an enforcer with real muscle that it is now prepared to use. While the $700 million only represents less than a months profit for CBA, they won’t like paying out and the reputational damage can not be quantified.
So that’s one major bank….who is next?