Australian bank faces more charges from financial watchdog

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Australia's financial crime intelligence agency has widened its allegations against the country's largest bank, the Commonwealth Bank of Australia, of failing to comply with measures to prevent money laundering and terrorism financing.

The Australian Transaction Reports and Analysis Center, better known as AUSTRAC, on Thursday lodged in the Federal Court an additional 100 alleged violations of reporting obligations, bringing the total to more than 53,800. Each contravention is punishable by a fine of up to 21 million Australian dollars ($16 million).

The new allegations also increase the timeframe of the bank's alleged misbehavior from three to six years.

The bank said in a statement it would update its statement of defense to the court in due course.