Monday, 07 August 2017 11:09

CBA blames faulty code for alleged law violations Featured

By

The Commonwealth Bank has blamed coding errors in a software update for its Intelligent Deposit Machines for its allegedly falling foul of Australian money-laundering and terror-financing laws.

The bank claimed in a media statement today that when the IDMs were rolled out in May 2012, they were working as they should. 

A software update later that year led to the machines not providing the correct Threshold Transaction Reports which had to be sent to AUSTRAC.

Last week, AUSTRAC initiated civil action against the bank in the Federal Court, alleging that a total of $77 million had been laundered through the bank.

It claimed that CBA contravened the laws more than 53,700 times. Any transaction over $10,000 is supposed to be reported within 10 days.

CBA said that the error with TTRs became apparent in 2015 and within a month of finding out, it informed AUSTRAC, delivered the missing TTRs and fixed the coding error.

Bank chief executive Ian Narev has been making the media rounds this morning, but has refused to accept blame for the alleged mistakes and step down.


Subscribe to ITWIRE UPDATE Newsletter here

GRAND OPENING OF THE ITWIRE SHOP

The much awaited iTWire Shop is now open to our readers.

Visit the iTWire Shop, a leading destination for stylish accessories, gear & gadgets, lifestyle products and everyday portable office essentials, drones, zoom lenses for smartphones, software and online training.

PLUS Big Brands include: Apple, Lenovo, LG, Samsung, Sennheiser and many more.

Products available for any country.

We hope you enjoy and find value in the much anticipated iTWire Shop.

ENTER THE SHOP NOW!

INTRODUCING ITWIRE TV

iTWire TV offers a unique value to the Tech Sector by providing a range of video interviews, news, views and reviews, and also provides the opportunity for vendors to promote your company and your marketing messages.

We work with you to develop the message and conduct the interview or product review in a safe and collaborative way. Unlike other Tech YouTube channels, we create a story around your message and post that on the homepage of ITWire, linking to your message.

In addition, your interview post message can be displayed in up to 7 different post displays on our the iTWire.com site to drive traffic and readers to your video content and downloads. This can be a significant Lead Generation opportunity for your business.

We also provide 3 videos in one recording/sitting if you require so that you have a series of videos to promote to your customers. Your sales team can add your emails to sales collateral and to the footer of their sales and marketing emails.

See the latest in Tech News, Views, Interviews, Reviews, Product Promos and Events. Plus funny videos from our readers and customers.

SEE WHAT'S ON ITWIRE TV NOW!

BACK TO HOME PAGE
Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments