Commonwealth Bank of Australia (CBA) is set to launch daily account-based deposit limits at deposit ATMs, as part of its continuous effort to deal with money laundering risks.
The Australian lender stated that the daily cash deposit of up to A$10,000 per day at its ATMs will be applicable to CBA personal and business account customers, effective 10 April 2018.
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By GlobalDataThe latest move comes after a similar announcement made in November 2017, whereby the bank capped the daily cash deposit to up to A$20,000 per day at its ATMs.
According to the new plan, the account-holders can deposit up to 200 notes and coins into a CBA deposit ATM per transaction. Customers can make several deposit transactions daily for up to a limit of A$10,000.
In a statement, the bank said: “Implementing a cash deposit limit complements our reporting obligations, including the reporting of any suspicious transactions conducted across our network and the reporting of each and every cash deposit of A$10,000 or more.”
CBA bank said that the new move will help the bank to further strengthen its anti-money laundering and counter-terrorism financing efforts.
