Australia’s biggest bank, Commonwealth Bank (CBA) has agreed to pay a A$ 700 million fine to settle money-laundering charges, Reuters reports this morning. This follows investigations into widespread misconduct over several years by the big 4 banks. The bank admitted to breaching money-laundering and terror financing rules on 53,750 occasions, while suspicious transactions were not reported and monitoring processes failed. The bank had factored in a maximum penalty of A$ 375 million.
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