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​Class action looms against Commonwealth Bank of Australia over alleged money laundering

( August 23, 2017, 04:31 GMT | Insight) -- Class action specialist Maurice Blackburn and legal funder IMF Bentham are calling on shareholders of Commonwealth Bank of Australia to join a potential class action suit against the bank for its failure to disclose potential breaches of money-laundering laws when it was first alerted by the Australian Transaction Reports and Analysis Centre in 2015, The Australian reports.Class action specialist Maurice Blackburn and legal funder IMF Bentham are calling on shareholders of Commonwealth Bank of Australia to join a potential class action suit against the bank for its failure to disclose potential breaches of money-laundering laws when it was first alerted by the Australian Transaction Reports and Analysis Centre, or Austrac, in 2015, The Australian reports. The law firms claim that CBA "suffered a significant share price drop" when it was charged with systemic breaches of anti-money laundering regulations by Austrac earlier this month. CBA has up to 800,000 registered shareholders, potentially making the class action suit the largest in Australia's history. ...

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