Most informed commentary from media/ print commentators that reporting on financial and banking issues in particular are guesstimating: $700m - $1m. In fact, a several have suggested $500m with only one I've seen suggesting $1.5Bn. All AML/ CTM infringements and associated regulatory allegations - are usually distinguishable on their respective facts. No one size fits all ! And, I for one will be glad to see another measure of infringement penalty other than going off CBA's $700m penalty.
Moreover, everyone in the Australian banking sector expects that AUSTRAC will work with (yes, with ….) the banks ! The issues surrounding AML/ CTM are far too great for a Banks Vs all comers … viz. criminal syndicates + regulators + clients themselves. Regulators (viz AUSTRAC now emerging as) chasing hefty fines with Govt./ Treasury officials salivating at the prospect ... Is a Dumber and Dumber approach given the electronic exposure/ head winds/ rogue elements to our banking system.
WBC Price at posting:
$24.36 Sentiment: Hold Disclosure: Held
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