#Crypto-Wary Australian Bank to Pay Record Fine For AML/KYC Violations...!

in #cryptocurrency5 years ago

The Commonwealth Bank of Australia (CBA), which recently banned customers from buying cryptocurrency with credit cards, has agreed to pay AUD $700 million in addition to legal costs for violating anti-money laundering and anti-terrorist laws that delivered millions of dollars to drug dealers, according to ABC News.

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AUSTRAC, the federal financial agency, accused the bank last year of failing to report suspicious activity. The fine is believed to be the largest such fine in the country’s corporate history...Click here to know the details story


Lester Coleman

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