June 3, 2018 / 10:55 PM / a year ago

Australia's Commonwealth Bank to settle civil proceedings by AUSTRAC

June 4 (Reuters) - Commonwealth Bank of Australia (CBA) said on Monday it entered into an agreement with AUSTRAC to resolve the civil proceedings for money laundering charges commenced by the financial intelligence agency against the bank last year.

CBA said it would pay a civil penalty of A$700 million ($529.27 million) together with AUSTRAC’s legal costs of A$2.5 million, as a part of the settlement.

In March, CBA had said the Federal Court of Australia had referred civil penalty proceedings initiated by AUSTRAC against the bank for mediation at the request of both the parties. ($1 = 1.3226 Australian dollars) (Reporting by Rushil Dutta in Bengaluru; Editing by Sandra Maler)

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