Commonwealth Bank personal customers are now banned from depositing more than $20,000 per day at the bank’s ATMs.
The $20,000 limit will apply apply regardless of the number of deposit transactions made in a day.
“We believe we are the first major bank to introduce card-based daily limits for cash deposits at our deposit ATMs,” Commonwealth Bank said.
“This change is another important step in the management of money-laundering risks. It strikes a balance between addressing our obligation and commitment to prevent financial crime and meeting our customers’ legitimate banking needs.”
Commonwealth Bank said the new measure complements its other reporting obligations, including the reporting of suspicious transactions and cash deposits of $10,000 or more.
However, Commonwealth Bank acknowledged that the $20,000 limit would affect small business owners who use after-hours facilities to deposit end-of-day or end-of-week takings.
“This new limit may affect some customers, and we are contacting them to provide information on the other options available to meet their banking needs,” it said.
Commonwealth Bank said it has made “significant progress”, since the second half of 2015, in strengthening processes relating to anti-money laundering and counter-terrorism financing.