Australian lender Commonwealth Bank has capped the daily cash deposit to up to $20,000 per day at its ATMs in a bid to identify, mitigate and manage the risks associated with financial crime.

Starting 21 November 2017, Commonwealth Bank’s retail customers can deposit a maximum of $20,000 per day using their personal cards at the bank’s deposit ATMs.

The limit will be applicable, irrespective of the number of deposit transactions made in during the day.

The bank said that the new move is part of its initiative to take action strengthening policies and processes relating to its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

The bank in a statement said: “It strikes a balance between addressing our obligation and commitment to prevent financial crime and meeting our customers’ legitimate banking needs.

“This initiative complements our other reporting obligations, including the reporting of any suspicious transactions conducted across our network and the reporting of each and every cash deposit of $10,000 or more.”