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Class Action suit over Money-Laundering Rule Breaches

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Reuters: CBA hit with class action suit over money-laundering rule breaches

9th October,2017

SYDNEY (Reuters) – An Australian lawfirm formally filed a class action suit against Commonwealth Bank of Australia on behalf of shareholders on Monday, accusing it of failing to disclose widespread breaches of anti-money-laundering rules.

The lawsuit by law firm Maurice Blackburn against the nation’s biggest lender follows one by the federal agency AUSTRAC, which has accused it of more than 53,000 breaches of anti-money laundry rules – breaches which have exposed it to billions in dollars of fines.

The suit, which had been previously flagged by Maurice Blackburn and litigation financier IMF Bentham Ltd, said shareholders had suffered a significant share drop in the wake of AUSTRAC’s accusations.

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