Commonwealth Bank to Impose Daily ATM Deposit Limits

Fintechist COmmonwealth bank ATM Deposits

Money laundering is a very serious concern for any major financial institution. Especially banks have to come up with creative solutions to counter this threat. Commonwealth Bank is now limiting daily deposits at ATMs to avoid any money laundering risks. It is a rather high limit, but still an important first step.

It is evident cash is a threat when it comes to money laundering. At the same time, it also provides consumers and corporations with a certain degree of financial freedom. With concerns regarding the illicit use or origins of cash growing on a global scale a solution has to be found. That is much easier said than done, as cash is still incredibly popular in most countries as of right now. Even Commonwealth Bank has to get a bit creative in this regard.

A Smart Decision by Commonwealth Bank

Their new solution revolves around daily deposit limits at supported ATMs. Starting April 10th, customers can deposit a maximum of AU$10,000 per day. That is still a high limit for Commonwealth Bank users, but it is an important first step. This seems to confirm we may see lower limits in the future, albeit nothing has been officially confirmed This decision complements the bank’s reporting obligations of suspicious transactions and high-amount cash deposits.

This daily limit will not pose much of a problem for most Commonwealth Bank users. After all AU$10,000 is well higher than what most people would deposit through these ATMs. Especially given how the limit resets every day, this new rule should cause no real friction whatsoever. The option to make multiple daily deposits still remains available, which is good to see.

For the time being, it seems Commonwealth bank is the only Australian bank taking such measures. It seems plausible to assume other banks will take a similar route moving forward. Fighting money laundering is never easy, and these new limits may not necessarily prevent it from happening. At the same time, all Commonwealth bank can do is remain compliant at all times.

Header image courtesy of Shutterstock