(Reuters) - Commonwealth Bank of Australia (CBA) <CBA.AX> on Wednesday formally admitted to some allegations levelled against it by financial intelligence agency AUSTRAC, including claims of late submission of over 53,000 so-called threshold transaction reports (TTRs).
The late filings represented 2.3 percent of TTRs reported between 2012 and 2015 and were the result of a single systems-related error, CBA said in a statement. TTRs are reports of large money transfers that banks must submit to the agency.
The bank also agreed that it did not adequately adhere to risk assessment requirements for Intelligent Deposit Machines (IDMs), but disputed the number of contraventions. It also said it agreed it did not meet all its transaction monitoring requirements for some accounts.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) did not answer calls from Reuters seeking comment.
AUSTRAC filed a civil case in August accusing the bank of several breaches of law including failing to identify, monitor and report money transfers over A$10,000 ($7,566), in contravention of the anti-money laundering and counter-terrorism financing Act.
The lender also admitted shortcomings in its handling of suspicious matter reports and ongoing customer due diligence requirements, but denied a number of related allegations.
Australian lenders are currently undergoing a massive cleansing operation, launching a series of probes into their financial dealings following a string of scandals.
The government has opened an inquiry into the sector through a year-long Royal Commission, which has the power to compel witnesses and recommend criminal charges.
CBA has attempted to shore up investor support following the AUSTRAC allegations, including shaking up its board and slashing executive bonuses.
Shares of the bank, which had fallen over 12 percent to A$73.24 since the claims were filed, have managed to climb back just over A$80.00.
(Reporting by Chris Thomas in BENGALURU; Editing by Christopher Cushing)
