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Australia’s largest bank was just accused of ignoring money laundering — that may hurt its peers

August 4, 2017

Via: CNBC
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The fallout from Australia’s latest banking scandal — allegations that Commonwealth Bank may have ignored money-laundering regulations — could spur serious pain for the sector.

Commonwealth Bank of Australia (CBA), the largest bank Down Under, saw its shares tumble on Friday, shedding nearly 4 percent by the close.

That followed the Australian government’s financial intelligence and regulatory agency on Thursday saying it was seeking civil penalties against CBA for “serious and systemic non-compliance” with anti-money laundering laws.

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