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Formula behind CBA's record $700m penalty revealed

AFR |  07 June 2018  |  News

The formula that led to Commonwealth Bank's record-breaking $700 million settlement with AUSTRAC has been revealed with the bulk of the penalty being sheeted back to its failure to conduct due diligence on customers or properly assess the risks posed by its high-tech ATM network.

The breakdown is contained in a joint submission to the Federal Court filed late on Tuesday that explains the approach used by the respondents and lays out principles employed, which in this case included "French Factors" or all relevant matters such as the bank's size and history of recidivism.

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