CBA to Fight Allegations Next Year

AUSTRAC’s civil penalty proceedings against Commonwealth Bank of Australia won’t appear in the Federal Court until April next year, ABC reported. The bank said in a statement Monday that it has been ordered by the court to file its defense to the proceedings by mid-December, with AUSTRAC to file its response by March next year. The proceedings were launched by AUSTRAC following allegations that the bank had breached laws against money laundering and terrorism funding. CBA has been under mounting pressure to respond more aggressively to the crisis, which has damaged its already tarnished reputation and exposed it to billions of dollars in potential fines.