CommBank could be hit with Australia’s largest ever shareholder class action over money laundering allegations.
The bank has been accused of more than 53,000 breaches by the Australian Transaction Reports and Analysis Centre.
“The Austrac allegations are extensive and it is astounding that the market would not be advised of such serious and repeated breaches as soon as the company became aware of them,” Andrew Watson from Maurice Blackburn said.
“It’s just extraordinary, frankly, that you could have the level of non-compliance which the Austrac pleadings allege, and a board think that that was not sufficiently material that the shareholders should be informed.”
Mr Watson said the action was likely to go ahead and would be “very large,” thanks to the high number of CBA shareholders.
Breaking: Commonwealth Bank facing potential class action over disclosure of laundering allegations https://t.co/sjewRqhgZ6 | @clancyyeates
— smh.com.au (@smh) August 23, 2017
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