The Commonwealth Bank has been fined $700m, the biggest in corporate history, for anti-money laundering, terror financing law breaches which resulted in millions of dollars flowing through to drug importers.
Conservatives leader Cory Bernardi says he's sick of banks consistently breaking the rules and getting away with just a fine.
CBA will pay $700 million plus legal costs after federal financial intelligence agency AUSTRAC last year accused the bank of serious and systemic failures to report suspicious deposits, transfers and accounts.
As part of the settlement, CBA admitted to the late filing of 53,506 reports of transactions of $10,000 or more through its "intelligent deposit machines".
Banks are required to report these large transactions within 10 business days, so that AUSTRAC can monitor them to see if the money might be going to crime gangs or terrorist networks.
For a period of three years, the bank also failed to properly monitor transactions on 778,370 accounts to check for money-laundering red flags.
Senator Bernardi has told Ben Fordham on Sky News the penalties for these kind of breaches of the law need to be toughened and the banking executives pursued.
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