27 May 2018
https://www.avoka.com

CBA introduces daily card limits for ATM deposits

20 November 2017  |  2840 views  |  0 Source: CBA

Since the second half of 2015, Commonwealth Bank has made significant progress on a program of action strengthening policies and processes relating to our obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

This involves the introduction of a range of new measures to identify, mitigate and manage the risks associated with financial crime.

For example, as part of our program of action we are introducing a new aggregate daily card limit for CBA personal customers making cash deposits into our ATMs.

From 21 November, a $20,000 total daily deposit limit will apply for Commonwealth Bank customers using their personal cards at our deposit ATMs. The limit will apply regardless of the number of deposit transactions made in a day. We believe we are the first major bank to introduce card-based daily limits for cash deposits at our deposit ATMs.

This change is another important step in the management of money laundering risks. It strikes a balance between addressing our obligation and commitment to prevent financial crime and meeting our customers' legitimate banking needs.

This initiative complements our other reporting obligations, including the reporting of any suspicious transactions conducted across our network and the reporting of each and every cash deposit of $10,000 or more.

Flexibility in how and when deposits can be made is important for a range of our customers, particularly small business owners, who rely on after-hours facilities to securely deposit end of day or week takings.

This new limit may affect some customers and we are contacting them to provide information on the other options available to meet their banking needs.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit iliad-solutions.com/

Who is commenting?

Top topics

Most viewed Most shared
satelliteAnt Financial provides tech for China Ever...
28264 views comments | 3 tweets | 2 linkedin
Digital banking transformation creating new systemic risksDigital banking transformation creating ne...
8924 views comments | 18 tweets | 26 linkedin
MUFG to roll out blockchain payment network next yearMUFG to roll out blockchain payment networ...
7603 views comments | 13 tweets | 13 linkedin
There are some things you just can't do with an appThere are some things you just can't do wi...
6856 views comments | 9 tweets | 15 linkedin

Featured job

Find your next job