Explainer: Australia's biggest banks reel from string of scandals

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Explainer: Australia's biggest banks reel from string of scandals
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Australia's banking industry is reeling from a series of regulatory scandal...

) - have set aside over A$8 billion to refund customers for overcharged fees, miss-sold products and non-compliant financial advice stemming from the probe.

At CBA, bank executives have agreed to pay 41,000 current and former employees nearly A$25 million after a review found they had been underpaid. The bank also agreed to pay A$700 million in 2018 - Australia’s biggest-ever corporate fine - to settle charges of money laundering control lapses.

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