The Commonwealth Bank of Australia intends to pay $ 700 million for violations of anti-money laundering and counter-terrorism laws.
Commonwealth Bank has agreed to pay this amount as well as court costs to resolve proceedings initiated by the Australian transaction reporting and analysis centre.
According to afr, the total number of violations of the law on money laundering and counter-terrorism (AML-CTF) amounted to 53 750. Due to the circumstances, Ian Narev, Director of the Commonwealth Bank of Australia, had to leave his post.
Now the agreement, which includes legal costs of $ 2.5 million, is subject to approval in the Federal court. If agreed by the Federal court, the agreement would be the largest in the history of civil liability in Australia.
Chief Executive officer of the Bank Matt Comim said that the agreement “gives confidence in resolving one of the most significant challenges we faced”. “Our Bank had no criminal intentions under its actions, we are fully aware of the seriousness of the mistakes that we have made. Today, our agreement is a clear confirmation of our failures and is an important step towards the Bank’s progress. On behalf of the Bank of the Commonwealth, I apologize to the community that he released them”, – summed up Matt Comim.