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commonwealth bank

CommBank troubles with AUSTRAC are so bad that, in a statement on the bank's website, it doesn't even get the FIU's name consistently right.

And as for shareholders, the statement is hardly worth the paper it isn't written on.

When one looks at investigations into money laundering in Australia, there is a factor that crops up over and over and over again. The money came from, or has a connection to, Malaysia. And it's not the connection the rest of the world expects.

When the Commonwealth Bank of Australia (CBA) story first appeared, I instructed World Money Laundering Report that we should not become involved in what would inevitably become a frenzy of speculation and ill-informed comment as consultants (of which I am, obviously, one) and media outlets vied to benefit their own profile, and to get website visits, while the story was hot. I wrote what amounted to a placeholder article .

Yes, yes, we know. Commonwealth Bank's got its problems over a failure to properly design and implement an automatic system and for not acting on the reports it did produce. But that's not the only thing bad that's happening down at the bank that has more short-forms of its name than we can keep up with. CBA, Commonwealth, CB, CommBank... so much for the usual rule of construction that if it's called something different, it is something different.

BIScom Subsection: 

BankWest, a division of Commonwealth Bank of Australia, failed to apply interest credits to offset accounts. It's having to make a big refund to thousands of customers.

BIScom Subsection: