Commonwealth Bank's $700 million fine will end up punishing its customers
- Written by Sandeep Gopalan, Pro Vice-Chancellor (Academic Innovation) & Professor of Law, Deakin University
The Commonwealth Bank of Australia (CBA) this week agreed to pay a record penalty to settle its violations of anti-money laundering and counter-terrorism financing laws. The A$700 million fine plus legal costs will become final upon the approval of the Federal Court.
The deal was met with market approval, and has allowed regulators to claim victory....
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