Commonwealth Bank of Australia agrees A$700m AML/CFT breaches settlement with AUSTRAC

The Commonwealth Bank of Australia (CBA) is set to pay A$700 million (US$532 million) in a record corporate civil penalty for multiple breaches of Australia’s anti-money laundering and counter-terrorist financing (AML/CTF) laws after reaching agreement [1] with AUSTRAC, the financial intelligence unit, to resolve legal proceedings commenced in August last year [2017].