CBA Sued Over Alleged Money Laundering

The video discusses a case involving Commonwealth's automated machines used for cash deposits, which allegedly were not properly monitored, leading to breaches of financial laws. The Financial Crime Agency claims these machines were used by drug syndicates to launder money. Despite being alerted, Commonwealth did not act swiftly to address the issues. The case involves 53,700 breaches, each carrying a potential fine of $18 million, totaling nearly a trillion dollars in fines, though such a penalty is unlikely. A settlement is anticipated, similar to a previous case where TABC settled for $45 million for 108 breaches.

What was the primary issue with Commonwealth's automated machines?

• They were not user-friendly.

• They allowed cash deposits without proper monitoring.

• They frequently malfunctioned.

• They were too expensive to maintain.

How many breaches is Commonwealth accused of?

• 3700

• 53700

• 500

• 10000

What is the maximum possible fine per breach that Commonwealth could face?

• $25 million

• $18 million

• $5 million

• $1 million

What action did Commonwealth announce in response to the allegations?

• They will file a defense.

• They will pay the fines.

• They will close all accounts.

• They will ignore the allegations.

How much did TABC settle for in a similar case?

• $60 million

• $45 million

• $25 million

• $10 million