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August 7, 2017 04:01 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/eZKyFBzOFEw/buggy-software-made-us-miss-money-laundering-scam-says-australian-bank
Buggy Software Made Us Miss Money Laundering Scam, Says Australian Bank
An anonymous reader shares a report: Australia's Commonwealth Bank has blamed a software update for a money laundering scam that saw criminals send over AU$70m (US$55m) offshore after depositing cash into automatic teller machines. News of the Bank's involvement in the laundering scam broke last week, when Australia's financial intelligence agency AUSTRAC announced that it had found over 53,500 occasions on which the Bank failed to submit reports on transactions over $10,000. All transactions of that value are reportable in Australia, as part of efforts to crimp the black economy, crime and funding of terrorism. The news was not a good look for the Bank (CBA), because most of the cash was deposited into accounts established with fake drivers licences. Worse still is that each failure of this type can attract a fine of AU$18m, leaving CBA open to a sanction that would kill it off. Today the bank has explained the reason for its failure: "a coding error" that saw the ATMs fail to create reports of $10,000+ transactions. The error was introduced in a May 2012 update designed to address other matters, but not repaired until September 2015.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/eZKyFBzOFEw/buggy-software-made-us-miss-money-laundering-scam-says-australian-bank
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