The Commonwealth Bank (ASX:CBA) has agreed to pay a $700 million fine in relation to breaches of anti-money laundering and counter-terrorism financing laws.
The Federal Government's financial intelligence agency AUSTRAC had accused the bank of serious and systemic breaches of the laws last year.
As part of the settlement CBA has admitted further contraventions, including late filling of over 53 thousand reports of transactions above $10,000.
The bank also admitted to filing breaches in relation to 149 suspicious matter reports.
The agreement between CBA and Austrac is still subject to court approval
Shares in CBA (ASX:CBA) are trading almost 2 per cent higher to $70.06