Commonwealth Financial institution private prospects are actually banned from depositing greater than $20,000 per day on the financial institution’s ATMs.
The measure, which got here into pressure right now, comes virtually 4 months after Commonwealth Financial institution was accused of a spread of economic violations associated to deposits at its ATMs.
The $20,000 restrict will apply apply whatever the variety of deposit transactions made in a day.
“We imagine we’re the primary main financial institution to introduce card-based each day limits for money deposits at our deposit ATMs,” Commonwealth Financial institution mentioned.
“This alteration is one other essential step within the administration of money-laundering dangers. It strikes a steadiness between addressing our obligation and dedication to forestall monetary crime and assembly our prospects’ professional banking wants.”
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Commonwealth Financial institution mentioned the brand new measure enhances its different reporting obligations, together with the reporting of suspicious transactions and money deposits of $10,000 or extra.
Nevertheless, Commonwealth Financial institution acknowledged that the $20,000 restrict would have an effect on small enterprise homeowners who use after-hours services to deposit end-of-day or end-of-week takings.
“This new restrict might have an effect on some prospects, and we’re contacting them to offer data on the opposite choices out there to fulfill their banking wants,” it mentioned.
Commonwealth Financial institution mentioned it has made “important progress”, because the second half of 2015, in strengthening processes regarding anti-money laundering and counter-terrorism financing.
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