Customers will be likely to feel the effects of the huge fine.
AAP Image/Dean Lewins
The Commonwealth Bank has agreed to pay a $700 million fine over its inadvertent failure to tackle money-laundering. But the penalty is in line with punishments for far more serious violations by other banks.
U.S. President Donald Trump has taught the world many lessons since his time in office – mostly on how not to govern.
(AP Photo/Carolyn Kaster)
Love him or hate him, Donald Trump has shown us a great deal in his short time on the political stage. For that, we should be grateful. Here are the lessons taught by Prof. Trump.
The Australian Transactions Reports and Analysis Centre (AUSTRAC) has launched civil proceedings accusing the CBA of being complicit in money laundering.
The Australian public may be vulnerable to crime and terrorism directly funded through the Australian banking system.
The Preiser Project/Flickr
The government should resist the temptation to soften monitoring efforts aimed at MPs and their families and associates.
Focusing on 'corrupt countries' misses the point – it is people who are corrupt and their money flows in and out of shady deals all the time.
Locations such as Queensland’s Gold Coast have been nominated as at risk of money laundering by international criminals targeting real estate.
Much more can be done to protect Australia's property market from international criminals seeking to wash their proceeds.