Australia’s financial intelligence agency suing bank for 53,700 breaches of laws, which it accuses of failing to report properly on $77m worth of suspicious transactions

Commonwealth Bank allegedly committed major and systemic breaches of money laundering and terrorism-financing laws involving its network of “intelligent” deposit machines.

The Australian Transaction Reports and Analysis Centre (Austrac), the financial intelligence agency, announced on Thursday it is suing Commonwealth bank for 53,700 breaches of money laundering and counter-terrorism-financing laws.

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