Business
AUSTRAC let banks walk over coke money – The Australian Financial Review
The financial intelligence regulator did not pursue enforcement action against nine banks used to launder drug money.
AUSTRACs collegiate approach to enforcement changed in mid-2017 when it launched legal action against Commonwealth Bank for 53,750 AML-CTF breaches under acting chief executive Peter Clark. AUSTRACs previous CEO Paul Jevtovic left the regulator in April to take up a role with HSBC in Hong Kong.
The financial intelligence regulators approach to regulating banks further hardened under CEO Nicole Rose, who levied a $702.5 million settlement from CBA in 2018 before setting her sights on Westpac and…
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