AUSTRAC v Commonwealth Bank of Australia
civil penalty4 June 2018Penalty $700.00M
Respondent
Commonwealth Bank of Australia
Facts
CBA failed to report 53,506 IFTI threshold transactions to AUSTRAC on time, failed to assess risks for IDM machines, and failed to monitor known suspicious customers.
Outcome
Federal Court approved $700M penalty — the largest at the time.
Read the source
https://austrac.gov.au/news-and-media/media-release/cba-700m-penaltyRules Mate links to the regulator's own publication. We do not republish full decision text. Always verify the latest status against the source before acting.