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Commonwealth Bank's statement about its dealings with AUSTRAC.

CommBank troubles with AUSTRAC are so bad that, in a statement on the bank's website, it doesn't even get the FIU's name consistently right.

And as for shareholders, the statement is hardly worth the paper it isn't written on.

While in the body of the statement, AUSTRAC is properly referred to in capital letters, in the tab shown in visitors' browsers, there's a sad failure to pay adequate attention. One would think that, by now, Australian banks would be paying extraordinary attention to every tiny detail of everything they do. But no, not even when it relates to an agency that could put them out of business (but won't).

And the statement it made, replicated here, is .. we'll be polite and call it inconsequential. It's a reminder of the title of a Monty Python record, "The Contractual Obligation Album."

Commonwealth Bank provides an update on AUSTRAC civil proceedings

Commonwealth Bank of Australia refers to its announcement on 22 March 2018, noting that the Federal Court ordered mediation to occur by 25 May 2018 in the civil penalty proceedings initiated by AUSTRAC on 3 August 2017.

The parties have been engaged in mediation and discussions are continuing.

"occur?" Surely "take place" or "commence" would make far more sense and be less, well, stupid.

But it's OK, because it's headed "On the Record."

Giggle for yourself at how a beleaguered bank seems to think that gloss is the solution to its public image and legal problems.


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World Money Lau...