Commonwealth Bank faces record fine over money laundering failings
Australia’s largest bank receives AU$700m fine for failings on money laundering regulation, thought to be the biggest civil penalty ever imposed in Australia.
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Commonwealth Bank, Australia's largest bank, is to pay a fine of AU$700m (£400.3m; €456.8m) to resolve a money laundering case.
It is thought to be the biggest civil penalty ever imposed in Australia, if confirmed by the country's Federal Court.
In reaching the settlement, Commonwealth Bank agreed responsibility for a raft of offences. These include failing to carry out an appropriate assessment of money-laundering and terrorism risks; failing to introduce "appropriate controls to mitigate the risks"; failing to provide 53,500 transaction reports to regulators; failing for three years to comply with rules in relation to monitoring tr
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