Commonwealth Bank of Australia’s A$700m ($514.7m) settlement with the Australian Transaction Reports and Analysis Centre (AUSTRAC) over alleged money laundering and financial crime has secured the approval of the federal court.

“CBA will recognise a $700m expense in its financial statements for the full year ending 30 June 2018, which will be released on 8 August 2018,” the Australian bank said in a statement.

The financial intelligence agency filed a civil suit against the bank in August 2017, over charges of breaching the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Act more than 53,700 times, mainly associated with intelligent deposit machines (IDMs).

The bank’s CEO Ian Narev stepped down from his role soon after the revelations, while the Australian Prudential Regulation Authority (APRA) started an inquiry into the bank’s governance.

CBA ultimately admitted that it failed to properly assess money laundering and terrorism financing risks of its IDMs before October 2017, provide 53,506 threshold transaction reports on time to AUSTRAC for cash transactions of A$10,000 or more, monitor transactions on 778,370 accounts for three years, and report suspicious matters on time or at all for transactions in the tens of millions of dollars.

The two parties reached a settlement earlier this month. As part of the settlement, the bank also agreed to pay AUSTRAC’s legal costs of A$2.5m.

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