Commonwealth Bank to pay $700M AUSTRAC fine

Company News

by Anna Napoli

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

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.