Let's see, but for all those who are claiming it'll be $0.5B or less please be gracious and not squeal if and when the fine is significantly higher than this.
A number of you aren't recognising that banks have special responsibilities, they're unlike most other businesses. It's not just the "software glitch" but the failures of monitoring around that. They can't just go around making these mistakes without serious penalties, it'd be bedlam. Many seem to have forgotten the banking RC ever happened.
My personal opinion is that a $1B fine is "par". If management can demonstrate they took every action to mitigate and address they might get it down towards your figure but if senior management was aware but didn't prioritise remediation due to "other priorities" then it's possible my estimate could be very light.
If it's below $0.5B I'll admit I was wrong. Will you do the same if it's higher? Or just whinge?
Ann: Update on AUSTRAC matter, page-11
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