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

in #cryptocurrency6 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.

australia-law-crime-bitcoin-760x400.jpg
Images from Shutterstock

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

AUTHOR

Lester Coleman

Please visit my blog: @wilson76