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$700 million

Commonwealth Bank Of Australia Agrees To Pay Record $700 Million Fine

AUSTRALIA: The Commonwealth Bank of Australia will be forking over a record $700 million, the largest fine in Australian corporate history, to help settle money laundering charges that have beset the financial behemoth after drug dealers used its services to launder tremendous sums of money. According to AUSTRAC, the Australian government’s financial intelligence agency that helps prevent widespread money laundering, the trouble for CBA began after a drug syndicate exploited an error in the bank’s system to launder well…