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Commonwealth Bank says 'coding error' explains alleged money-laundering breaches

Reuters  |  SYDNEY 

By Paulina Duran and Tom WestbrookSYDNEY (Reuters) - The Commonwealth Bank of Australia said on Monday a software "coding error" was responsible for the "vast majority" of the anti-money laundering law breaches it was accused of last week.The Australian government last week accused the country's biggest mortgage lender of widespread breaches of money-laundering and counter-terrorism financing rules, sending the bank's shares sliding.The issue centres on the use of automatic teller machines that accept deposits instantly by both cash and cheque, facilitating anonymous deposits, and whether the ...

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First Published: Mon, August 07 2017. 10:12 IST