RBA’s Lowe Says Anti Money-Laundering Laws Must Be Respected
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Reserve Bank of Australia Governor Philip Lowe says allegations that Commonwealth Bank of Australia breached anti-money laundering laws are a “very serious matter” and that if shortcomings are identified, people must be held to account.
- While declining to comment directly on the allegations against Commonwealth Bank, Lowe tells committee of lawmakers in Melbourne that the laws must be respected
- “We have these rules and these laws for reasons,” Lowe says “Banks should not be doing money laundering and they should know who is operating the accounts”
- NOTE: The nation’s financial crimes agency Austrac alleges Commonwealth Bank breached money-laundering laws more than 50,000 times and failed to monitor the activities of drug syndicates even after being alerted by police. The lender has blamed a software coding error.
- “If shortcomings are identified then there needs to be accountability and that accountability needs to be both through the courts and internally within the organization”
- “We have these laws for a reason and they need to be enforced and people need to be held to account”
- Lowe commented more broadly on banking culture in Australia, saying “trust in banking has been strained” and “service has taken a back seat to sales”
- Related Story: Narev Grilled Over Money Laundering as Record Profit Ignored
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
Tickers
40005Z AU (Reserve Bank of Australia)
CBA AU (Commonwealth Bank of Australia)
People
Dr Philip Lowe (Reserve Bank of Australia)
To de-activate this alert, click here
To modify this alert, click here
UUID: 7947283