Current Affairs: Commonweath Bank to pay $700m settlement over money-laundering case

Market trading boards in the Australian Securities Exchange (ASX) in Sydney, Monday, June 4, 2018. (AAP Image/Chris Pavlich) NO ARCHIVING

Market trading boards in the Australian Securities Exchange (ASX) in Sydney, Monday, June 4, 2018. (AAP Image/Chris Pavlich) NO ARCHIVING Source: AAP

The Commonwealth Bank [[CBA]] will pay the largest fine in Australian corporate history after agreeing to pay $700 million to settle the money-laundering and terrorism-funding case brought by Australia's financial intelligence agency, AUSTRAC. The CBA has admitted to more than 50,000 breaches of anti-money-laundering and counter-terrorism-funding laws, bringing to an end a scandal that led to the departure of the bank's chief executive.



Share

News

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS Audio
SBS On Demand

Listen to our podcasts
Independent news and stories connecting you to life in Australia and Mandarin-speaking Australians.
Understand the quirky parts of Aussie life.
Get the latest with our exclusive in-language podcasts on your favourite podcast apps.

Watch on SBS
Simplified Chinese Collection

Simplified Chinese Collection

Watch onDemand
Current Affairs: Commonweath Bank to pay $700m settlement over money-laundering case | SBS Chinese