Outside of Australia, it mostly has been limited if not completely stopped see the HSBC example for instance. Now the Westpac, CBA and Crown Casino (ANZ Bank impacted) examples were bad but HSBC suffered greatly as a result of money laundering scandal that it faced.
Westpac got off very lightly and one has to dispute whether anything has changed. CBA appears not to have learnt anything.
This Scott Rush CBA scandal and the Bali 9 heroin trafficking scandal appears to indicate that money laundering is a clear and present danger to CBA amd CBA could be even impacted a lot worse than the $40 billion AUD loss along with the $1.3 billion AUD Federal Court penalty that Westpac suffered as a result of its money laundering scandal.
CBA Price at posting:
$155.08 Sentiment: Sell Disclosure: Not Held
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