The Commonwealth Bank (CBA) is rejecting AUSTRAC's allegations that it brokes money laundering and anti-terrorism funding laws.

The financial intelligence agency late last year filed 100 alleged breaches of Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) laws.  These included one client who was known to be involved in terrorist activities who was warned about his account being closed before AUSTRAC was alerted.  Another case alleged CBA failed to notify AUSTRAC about the actions of a drugs and firearms syndicate which allegedly laundered $42 million through its ATMs.

"We deny the majority of the 100 additional allegations," CBA said in a statement issued to the ASX.  The bank admits it was lax in eleven out of 100 new allegations, but it has spent more than $400 Million on new compliance systems to fight financial crime in recent years.

CBA insists it is taking seriously its duty to inform regulators about potential illegal activity.  "During the period covered by AUSTRAC's claim and to the end of 2017, we submitted more than 19 million reports to AUSTRAC, including over 4 million last year alone," the bank said.  "During the same period we submitted more than 40,000 suspicious matter reports.  We also fulfilled more than 20,000 requests for assistance from law enforcement agencies last year."