CBA to pay record $700m fine over breaches

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 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.

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