Commonwealth Bank agrees to pay $700m to settle money laundering lawsuit


June 4 2017

The Commonwealth Bank has agreed to pay $700m to settle civil proceedings relating to breaches of anti-money laundering and counter-terrorism financing laws.

If the federal court accepts the offer it will be the largest civil penalty in Australia’s corporate history.

The announcement follows court-ordered mediation between CBA and the government’s financial intelligence agency, Austrac. The deal would close civil proceedings against CBA, which began 10 months ago.