CBA Sued Over Alleged Money Laundering

CBA Sued Over Alleged Money Laundering

Assessment

Interactive Video

Business, Social Studies

University

Hard

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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.

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2 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What does the speaker suggest about the likelihood of Commonwealth facing nearly a trillion dollars in fines?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

What settlement amount did TABC settle for regarding similar allegations?

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