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State Street bank hit with million-dollar money laundering fine – ABC News
The Australian arm of US bank State Street is the latest financial institution to be fined for breaching anti-money laundering laws.
The Australian arm of a global bank is the latest financial institution to be fined for breaching anti-money laundering laws.
Key points:
- State Street will pay a $1.24 million fine after admitting 99 breaches of its reporting requirements to AUSTRAC
- The fine is small compared with CBA’s $700 million penalty for 54,000 breaches and Westpac’s estimated $900 million penalty for 23 million breaches
- AUSTRAC is keeping financial institutions under close scrutiny after a serie…
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