CBA and Wells Fargo: A Comparison of scandals

As most investors will be aware, the Commonwealth Bank of Australia (ASX:CBA) is currently under investigation from AUSTRAC for failing to adequately report cash deposits of over $10,000 to the authorities. They have allegedly breached this 53,000 times with a maximum penalty of $18m per breach. As a result, financial professionals have been answering a lot of phone calls from retirees and investors concerned about the financial position of the company.

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