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Australian Bank Hit With $530 Million Fine for Money-Laundering

Australia's Commonwealth Bank has agreed to pay a $530 million fine for breaching anti-money laundering and counterterrorism financing laws. The scandal relates to more than 53,000 suspect transactions that the bank did not immediately report to authorities. If approved by the Federal Court, this will be the largest civil penalty in Australian corporate history. At the heart of the case were so-called smart cash machines that allowed customers to anonymously deposit and transfer...

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