The Wall Street Journal: Australia’s largest bank agrees to $530 million fine to settle civil suit

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, +1.62% , 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.

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