August 28 2017
Australia’s prudential regulator said on Monday it will establish an inquiry into governance, culture and accountability at the country’s biggest bank in the wake of alleged breaches of money-laundering and counter-terrorism financing rules.
Commonwealth Bank of Australia (CBA.AX), which has said a software coding error is mostly responsible for its failure to detect nearly 54,000 suspicious transactions, faces potential fines amounting to billions of dollars from a civil lawsuit by anti-money-laundering agency AUSTRAC. The bank is defending the charges.
the inquiry after “a number of issues which have raised concerns … and have damaged the bank’s reputation and public standing”.