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Financial firms could face steep fines for corporate wrongdoings


The Australian government plans to fine financial services companies up to $9.4 million Australia ($7.3 million) or three times the benefits gained or 10% of the firm's annual turnover, whichever is larger, for corporate wrongdoings, ABC News reported. Bankers and corporate criminals could also face up to 10 years of imprisonment under the new penalties.

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