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Commonwealth Bank

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…

Australia’s biggest bank loses 20 million customer records

SYDNEY: Australia's troubled Commonwealth Bank admitted Thursday it had lost financial records for almost 20 million customers in a major security blunder -- but insisted there was no need to worry. The nation's biggest company said it could not find two magnetic data tapes that stored names, addresses, account numbers and transaction details from 2000 to 2016. National broadcaster ABC said the records were supposed to have been destroyed by a sub-contractor after the decommissioning of a data centre, but the bank…