( June 4, 2018, 07:00 GMT | Official Statement) -- MLex Summary: The compliance failings of the Commonwealth Bank of Australia prompted "serious and organized criminals" to exploit the financial center in order to launder the illicit proceeds of their criminal activities, the head of Australia's financial-intelligence agency, Austrac, said today. In a statement, Nicole Rose said CBA's actions. which led the bank to accept a A$700 million ($530 million) fine today, had seen organized crime put "the financial sector and the community at risk of harm," undermining Australians' trust in financial institutions. Austrac's agreement with CBA must still be ratified by the Federal Court of Australia.The full statement by Austrac is attached: ...
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