THELOGICALINDIAN - One of Australias big four banks Commonwealth Bank CBA has agreed to pay Australian Transaction Reports and Analysis Centre AUSTRAC AUS700M 530M USD in settlements for breaching antimoney bed-making and counterterrorism costs laws
During a aeon of 3 years, CBA had bootless to address 53,506 coffer transactions, break monitored 778,370 accounts for money laundering red flags, and filed 149 apprehensive amount letters late. The aspersion resulted in the abandonment of Chief Executive Ian Narev.
CBA denies advisedly breaching AML laws, arguing that a distinct coding absurdity had led to the abortion to address the 53,506 transactions. However, they did accept albatross for a abridgement of able due diligence.
“Our acceding today is a bright acceptance of our failures and is an important footfall appear affective the coffer forward. On account of Commonwealth Bank, I apologise to the association for absolution them down,” said CBA accepted arch executive, Matt Comyn.
This account is decidedly acrid because the accusations by the boilerplate media (and Bill Gates) that Bitcoin and added cryptocurrencies are actuality acclimated primarily for money bed-making and allotment terrorism.
Studies conducted by Colombia University Economics assistant Edgar Feige accept already disproven these claims, citation that about 50% of the world’s adamantine bill is activated to accomplish Illicit affairs like biologic and accoutrements trafficking.
A contempo console captivated by the US Senate Judiciary on modernizing anti-money bed-making laws additionally begin that alone a baby allotment of adulterous action spending is done through cryptocurrency.
The actuality charcoal that banknote is offline, and accordingly added difficult to trace. Digital banknote is recorded on a centralized database, area institutions with their own agendas can calmly adumbrate these affairs from the authorities.
By contrast, the immutability of affairs on the Bitcoin blockchain absolutely makes it harder to move money about after a trace.
A recent study by Qatar University and Hamad Bin Khalifa University appear that apprehension the users abaft these affairs generally requires annihilation added than a wallet abode and a Google search. Qatar University researcher, Husam Al Jawaheri, explained:
The best biologic traffickers can achievement for at the moment is application bill like Monero to affectation their transactions, however, alike Monero has its vulnerabilities.
Just 2 years ago, the now-ousted CBA controlling Ian Narev accustomed blockchain’s abeyant to be “transformational” for barter and in abbreviation costs, while conceivably not additionally acquainted its capabilities as an abiding balance for the Bank itself.
It’s safe to say that a CBA balance congenital on the blockchain would’ve fabricated it abundant added difficult to burrow 53,506 transactions, extenuative AUSTRAC a lot of time and money investigating the breach.
To date, CBA has spent added than $400 actor on anti-money bed-making acquiescence measures.
Do you anticipate the coffer would accede application Blockchain technology to advance acquiescence with AML and counter-terrorism financing laws? Share your thoughts in the comments area below!
Images address of Shutterstock
