MELBOURNE, Australia — Australia’s largest bank has agreed to pay an almost $530 million fine to settle a civil lawsuit that revealed numerous breaches of the country’s Anti-Money Laundering and Counter-Terrorism Act.
The proposed agreement with the federal government’s financial-intelligence agency, which remains subject to approval by a federal court, includes further admissions by the bank it contravened the law, including breaches of risk procedures, reporting and monitoring.
Commonwealth Bank CBA, +1.33% , Australia’s biggest bank by assets and with a market value of almost $92 billion, said Monday it would pay a penalty of 700 million Australian dollars ($529.8 million) plus the regulator’s legal costs of A$2.5 million to resolve the civil suit.
“While not deliberate, we fully appreciate the seriousness of the mistakes we made,” Chief Executive Officer Matt Comyn said.
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