Commonwealth Financial institution private clients at the moment are banned from depositing greater than $20,000 per day on the financial institution’s ATMs.
The measure, which got here into drive at this time, comes nearly 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 every 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 stop monetary crime and assembly our clients’ legit 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 house owners who use after-hours amenities to deposit end-of-day or end-of-week takings.
“This new restrict could have an effect on some clients, and we’re contacting them to supply data on the opposite choices obtainable to satisfy their banking wants,” it mentioned.
Commonwealth Financial institution mentioned it has made “vital progress”, for the reason that second half of 2015, in strengthening processes regarding anti-money laundering and counter-terrorism financing.
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