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....
Read more: Commonwealth Bank's $700 million fine will end up punishing its customers
