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Case Study

Commonwealth Bank of Australia: Accommodating ATMs

By Didier Cossin and Mopesola Ogunsulire

5 pages

April 2022

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Reference: IMD-7-2362

When Commonwealth Bank of Australia (CBA) installed intelligent deposit machines (IDMs) it did so to make banking more convenient and save time for customers. Cash deposited was counted automatically and instantly available for domestic or international transfer from the customers’ account. It was no wonder the IDMs became very popular with small businesses. But criminals liked them too: terrorists and organized crime syndicates laundered millions through the IDMs. The scandal led to the largest civil penalty of in Australian corporate history at the time. The bank paid a record A$700 million fine and acknowledged deficiencies in oversight, accountabilities and resources as regards anti-money laundering/counter terrorism financing compliance and risk management.

Learning Objective

Teaches the importance of ensuring that operational and other risks are managed well
Highlights governance failures at board and top executive level

Keywords

Automated Teller Machine, Immediate Deposit Machine, Money Laundering, Terrorism Financing, Risk Management

Settings

World/global
Commonwealth Bank of Australia, Finance and Insurance, Banking
2012-2017

Type

Published Sources

Available Languages

English

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This case study is part of a series

Barclays: Culture is more than just a word
Commonwealth Bank of Australia: Accommodating ATMs
Credit Suisse: Lackadaisical about risk
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This case study is part of a series

Barclays: Culture is more than just a word
Commonwealth Bank of Australia: Accommodating ATMs
Credit Suisse: Lackadaisical about risk
Wells Fargo: When eight wasn't great

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