Commonwealth Bank of Australia (CBA) notes the approval by the Federal Court today of the agreement between CBA and the Australian Transaction Reports and Analysis Centre (AUSTRAC) to resolve the civil proceedings commenced by AUSTRAC on 3 August 2017.
As noted in CBA’s release on 4 June 2018:
• CBA will pay a civil penalty of $700 million together with AUSTRAC’s legal costs of $2.5 million.
• AUSTRAC’s civil proceedings are otherwise dismissed.
CBA will recognise a $700 million expense in its financial statements for the full year ending 30 June 2018, which will be released on 8 August 2018.