Commonwealth Bank must engage in mediation with anti-money laundering regulator Austrac by 25 May, the bank said yesterday. CBA said orders were made by the Federal Court of Australia, "at the request of both parties" relating to the civil penalty proceedings initiated by Austrac against CBA in August 2017. The bank also said that the court's orders "also require that Austrac file and serve any reply to CBA's amended defence by 6 April, and set a timetable for evidence in the proceedings in the event that mediation is unsuccessful." The Federal Court has imposed civil penalties of A$70,000 each on the directors of Storm Financial, Emmanuel and Julie Cassimatis. They had previously been found by the Court to have each breached one of their duties as directors. They were also disqualified from managing corporations for seven years. "This draws to a close ASIC's Storm-related litigation, which has included investors receiving compensation in relation to losses suffered on investments made through Storm," ASIC stated. The major compensation payments negotiated by ASIC were: $82 million from Macquarie Bank, $17 million from Bank of Queensland, and over $200 million from CBA. ANZ Bank is facing a civil suit in Guam over lending standards at its American Samoa offshoot, where two retired US military veterans claim the Melbourne-based bank is liable for "systematic violations of the Truth in Lending Act", Bloomberg reports. According to documents filed in the Guam district court on 21 March they claim the bank breached mortgage contracts by charging excessive late fees, inadequate notice of changes in interest rates and lack of adequate bank statements. Ironically for the bank, a trigger for the lawsuit was a letter it sent to one of the plaintiffs in 2015 acknowledging it had overcharged $6,375.18 in interest.