Australian bank offers to pay record breaking fine

Australia’s Commonwealth Bank is to pay a record fine for breaching anti-money laundering and counter-terror financing laws.

The scandal relates to 53,000 suspect transactions that the bank did not immediately report to authorities.

Last year, Australia’s financial intelligence agency accused the lender of “serious and systemic” law breaches. The bank agreed to pay a £400m fine after court-ordered mediation. If a court approves the fine it will be the largest civil penalty in Australian corporate history.

“While not deliberate, we fully appreciate the seriousness of the mistakes we made,” chief executive Matt Comyn said on Monday. Australia’s financial sector is currently at the centre of a national inquiry into misconduct.