CBA shares were crushed

Shares in the Commonwealth Bank fell hard today following court action against Australia’s biggest company over breaches of money laundering laws.

At the close, the shares were down 3.8% to $80.72. The bank was the biggest drag on the local market. Without the ASX200 would have closed in positive territory.

The bank is in court follow following an investigation by Australia‚Äôs financial intelligence and regulatory agency, AUSTRAC, into the use of Commonwealth’s intelligent deposit machines which, it is claimed, became the outlet of choice for criminal syndicates to shift cash offshore.

The maximum penalty for each of the 53,700 alleged contraventions of the Anti-Money Laundering and Counter-Terrorism Financing Act is $18 million.

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