The Commonwealth Bank will pay a 700 million dollar fine in relation to breaches of anti-money laundering and counter-terrorism financing.
The Federal Government's financial intelligence agency AUSTRAC had accused the bank of serious and systemic breaches of the laws last year.
As part of the settlement, CBA admitted to late filing 53,306 reports of transaction above $10 000 through its intelligence deposit machines.
The bank also admitted to 149 suspicious matter reports being filed late or not being filed at all and to breaching its obligation to perform checks on 80 suspicious customers.