Allegations of customers "cuckoo smurfing" and using Commonwealth Bank of Australia accounts to launder money for making and importing drugs will rattle the nation's largest bank to the core.
AUSTRAC's claims that now convicted criminals deposited millions of dollars into CBA accounts using fake names and used the bank's fancy ATM machines to process dirty cash are confronting enough.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
