Offshore regulators eyeing CBA risk strife
Catherine Livingstone's first attempt to hose down the controversy surrounding her bank is unlikely to have an impact on moves by foreign regulators to investigate the risk management failures highlighted by AUSTRAC.According to Thomson Reuters analyst Nathan Lynch, New Zealand authorities, including the Reserve Bank of New Zealand, have already begun making inquiries into whether CBA's Kiwi subsidiary - ASB Bank - was caught up in the money laundering offences alleged by AUSTRAC.ASB insists that a fleet of new generation ATMs introduced to the bank's network in 2013 was subject to different controls than the Intelligent Deposit Machines rolled out by its parent in Australia.Most of the breaches of Australian anti-money laundering laws identified by AUSTRAC relate to CBA's failure to report high value transactions by customers using IDMs."ASB does not operate the same model of IDMs as CBA, nor do we use the same operating system," an ASB spokesperson told Thomson Reuters."The maximum amount of funds able to be deposited by an unverified person into an ASB ATM is less than NZ$10,000."