Home / AUSTRAC / Crypto-Wary Australian Bank to Pay Record Fine For AML/KYC Violations

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

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. AUSTRAC, the federal financial agency, accused the bank

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