The Commonwealth bank has reached a settlement with the federal financial intelligence agency AUSTRAC to pay the biggest fine in Australian corporate history. The bank has been hit with  $700 million fine, plus legal fees, for breaching anti-money laundering laws and counter-terrorism financing laws that resulted in millions of dollars flowing through to drug importers.
Last year AUSTRAC accused the bank of failing to uphold many of its legal obligations including the  improper monitoring of transactions on 778,370 accounts to check for money-laundering red flags over a three year period. Joining us we had to help make sense of it all this Sandeep Gopalan, Pro Vice-Chancellor of Academic Innovation & Professor of Law at Deakin University.