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Banks settles on BBSW

Wednesday 9 May 2018

Money Management

The Commonwealth Bank of Australia has settled with the Australian Securities and Investments Commission (ASIC) and will pay $25 million.

This would be for the five occasions between February and June 2012. According to Money Management, CBA will also admit that at the time it did not have adequate systems and policies to monitor trading and communications.

Money Management reports:

Subject to the Federal Court’s approval of the settlement, CBA said it would pay a $5 million penalty, a payment of $15 million to a financial consumer protection fund and a $5 million payment towards ASIC's legal costs.