CBA agrees to shell out record $529.3m penalty

The payment will settle money laundering charges brought by the financial intelligence agency.

Reuters reports that Commonwealth Bank of Australia (CBA) has agreed to pay record penalty of $529.3m (A$700m) to settle money laundering charges brought against the bank by the country’s financial intelligence agency.

The bank admitted to breaching money laundering and terror financing laws on 53,750 occasions, according to a statement of facts tendered in court by both parties, after it failed to adequately notify the regulator of transactions by customers who posed the potential risk of terrorism or terrorism financing.

The move comes shortly after the bank shelled out a combined $18.67m (A$25m) for allegations of rate manipulation in trading on the Bank Bill Swap Rate (BBSW) market.

“Whilst not deliberate, we fully appreciate the seriousness of the mistakes we made,” CEO Matt Comyn said in a statement. “Our agreement today is a clear acknowledgement of our failures and is an important step towards moving the bank forward.”

Also read: CBA lost nearly 20 million customer records

Here’s more from Reuters:

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit