Monday, 07 August 2017 11:09

CBA blames faulty code for alleged law violations Featured

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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.

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Sam Varghese

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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.

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