Commonwealth Bank offers to pay record fine in laundering case

Commonwealth Bank offers to pay record fine in laundering case
 

Australia's Commonwealth Bank has said it will pay a $700m (£400m; $530m) fine for breaching anti-money laundering and counter-terror financing laws.
The scandal relates to 53,000 suspect transactions that the bank did not immediately report to authorities.
Last year, Australia's financial intelligence agency accused the lender of "serious and systemic" law breaches.
If a court approves the fine, it will be the largest civil penalty in Australian corporate history.
The bank, Australia's largest lender, said it would also cover A$2.5m in legal fees accrued by investigators.... read more

 
4 June 2018 in World News, Views: 71
Source: BBC
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