AFP, SYDNEYAustralia’s largest bank, the Commonwealth Bank of Australia (CBA), yesterday denied a slew of new claims by the country’s financial intelligence agency that it breached laws against money laundering and rejected a major class action over the allegations. The lender, Australia’s biggest company by market capitalization, has had a torrid few months amid a flurry of action by regulators. In response to the additional claims, the bank yesterday admitted 11 allegations in part and denied 89 in full. CBA added that it would “categorically deny all allegations of liability” in an open shareholder class action filed by law firm Maurice Blackburn and litigation funder IMF Bentham. The class action — which the law firm said could become Australia’s largest — claimed the bank had not informed shareholders of the risk of AUSTRAC action and neglected its disclosure obligations as a listed firm.

Source: Taipei Times February 23, 2018 15:56 UTC