On Monday, Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Commonwealth Bank announced they had reached a settlement over anti-money laundering transaction irregularities.
In a statement, the Commonwealth Bank announced it would pay $702.5 million to settle the matter, almost double the bank’s earlier estimate of $375 million.
As part of the agreement, the Commonwealth Bank made further admissions about its inadequate processes and agreed to new breaches of the Anti-Money Laundering and Counter-Terrorism Act (AML-CTF) with a total of 53,750 contraventions. This is a substantial penalty, but early estimates indicated that the maximum penalty payable was in the vicinity of $1 trillion?—?practically unenforceable. It does however substantially dwarf fines imposed for similar breaches by other corporations in the last 12 months.
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