|Claim Period:||1 July 2015 to 3 August 2017|
NSW Registry, Federal Court of Australia (VID1085/2017).
Date of Filing
9 October 2017.
Solicitors for Applicant
Maurice Blackburn Lawyers.
Solicitors for Respondents
Herbert Smith Freehills.
IMF Bentham Ltd.
Overview of Claim
On 3 August 2017, the Australian Transaction Reports and Analysis Centre (AUSTRAC) brought civil penalty proceedings against CBA in the Federal Court of Australia for “serious and systemic non-compliance” with the AML/CTF Act.
Specifically, AUSTRAC alleged that CBA:
- did not comply with its own AML/CTF program in rolling out its Intelligent Deposit Machines;
- did not comply with the requirements of its AML/CTF program relating to monitoring transactions on 778,370 accounts over a period of 3 years;
- failed to give 53,506 threshold transaction reports to AUSTRAC on time for cash transactions of $10,000 or more made through Intelligent Deposit Machines.
Following the commencement of the proceeding by AUSTRAC and an announcement by CBA to the ASX the following day, CBA’s share price fell from an intra-day high of $84.69 on 3 August 2017 to an opening price of $80.11 on 7 August 2017 (a fall of $4.58 or 5.4%), on trading volumes more than 2.5 times greater than the preceding three month average.
On 9 August 2017, the Chairman of CBA, Catherine Livingstone AO, confirmed that the Board of CBA was made aware of “alleged issues relating to Threshold Transaction Reporting in the Intelligent Deposit Machines” in the second half of 2015.
Shareholders who acquired securities in Commonwealth Bank (ASX:CBA) from 1 July 2015 to 3 August 2017, who suffered loss and who enter into a funding agreement with IMF.
Capacity to Join
- The Applicants file and serve any evidence in reply together with any submissions by no later than 13 December 2018.
- The Interlocutory Application be listed for case management on 19 December 2018 at 9.30 am.