The penalty CBA will face will be in the order of 50 to 100 million.
We can assume this since in the TAB case, Judge Nye Perram gave a green light to the plea deal, sighting that it was not the number of breaches which determined the penalty of $45 mill, but it was the systematic failure.
CBA can make the same argument, as Narev has, CBA probably did a quick risk analysis of their situation after the Tab decision and decided to take no action since the penalty for a system failure is relatively small.
I think this now explains why the CBA SP has rebounded so strongly since August.
AML precedent set by Tab case
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Last
$133.74 |
Change
1.300(0.98%) |
Mkt cap ! $223.3B | |||
| Open | High | Low | Value | Volume |
| $132.50 | $134.25 | $132.00 | $136.1M | 1.023M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 262 | $133.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $133.75 | 330 | 7 |
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| Last trade - 14.26pm 17/07/2024 (20 minute delay) ? |
| CBA (ASX) Chart |