The Commonwealth Bank of Australia will be forking over a record $700 million, the largest fine in Australian corporate history, to help settle money laundering charges that have beset the financial behemoth after drug dealers used its services to launder tremendous sums of money. Matt Comyn, who became the bank's chief executive officer in April, said in a statement that court approval of the agreement would bring certainty to one of the most significant issues the bank faced. The Australian Transaction Reports and Analysis Centre (AUSTRAC), the country's financial intelligence agency, brought civil penalty proceedings against CBA in the Federal Court in August last year for "serious and systemic non-compliance" with anti-money laundering and terror financing rules.
Australia's Commonwealth Bank agrees to pay a fine of A$700 million for failing to disclose banking transactions above A$10,000.