Criminals use financial institutions to conceal their illegitimate funds with the aim of making ‘dirty money’ clean, this is known as money laundering. Terrorism financing is the financial support of terrorism or of those who encourage, plan, or engage in terrorist activities.
As a division of the Commonwealth Bank Group, Bankwest complies with the Anti-Money Laundering (AML) / Counter-Terrorism Financing (CTF) Group Policy. Money laundering and terrorism financing (ML/TF) risk refers to the likelihood and impact of the Commonwealth Bank Group (the Group) being involved with or facilitating this unlawful activity.
The Group is committed to:
- meeting its international regulatory obligations in the identification, treatment and management of ML/TF risk
- protecting the Group from reputational risk and breaches of regulatory requirements that may lead to severe fines and penalties; and
- safeguarding the Group, its customers and employees from becoming a victim of, or unintentional accomplice to, ML/TF activities.
The Group is intent on satisfying its local regulatory and international obligations in a sustainable manner.