Crime pays for the CBA

Tuesday, 5 June 2018

No matter which way you cut the numbers, Commonwealth Bank should count itself extremely lucky with the A$700 million deal it has negotiated with Austrac to settle its chronic non-compliance with Australian anti-money laundering and counter terrorism financing laws.

Under the terms of the agreement made public on Monday, CBA acknowledges it committed more than 54,000 breaches of the AML/CTF Act.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.