Commonwealth Bank Agrees to Pay ‘Biggest Civil Penalty in Australian Corporate History’

Pedestrians are reflected in the window of a branch of the Commonwealth Bank of Australia (CBA), Australia's biggest bank by market value, in Sydney, Australia, Nov. 8, 2017. Reuters/Steven Saphore/File Photo

Commonwealth Bank of Australia (CBA) said on Monday, June 4, it would pay a penalty of $700 million to settle money laundering charges brought by Australia’s financial intelligence agency.

“This agreement, while it still needs to be approved by the Federal Court, brings certainty to one of the most significant issues we have faced,” CBA Chief Executive Matt Comyn said in a statement.