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19:23, 15-Aug-2017
Embattled Australian bank admits failures costing staff and customers millions
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Australia's biggest bank has admitted failures costing staff and customers millions of dollars as the troubled lender faces legal action over alleged breaches of money laundering and terror financing laws.
The Commonwealth Bank of Australia (CBA) was thrown into turmoil by a civil case launched earlier this month by financial intelligence agency AUSTRAC for alleged "serious and systemic non-compliance" with the laws.
AFP Photo
AFP Photo
The case has overshadowed record annual profits and forced the bank to announce the retirement of its chief executive.
"We are providing an additional update on other issues we are putting right for our customers and employees," CBA said in a statement late Monday, adding that the statement was "not an exhaustive list of all regulatory matters".
Commonwealth Bank CEO Ian Narev. /AFP Photo
Commonwealth Bank CEO Ian Narev. /AFP Photo
Following scrutiny over the AUSTRAC action, the bank said Monday that chief executive Ian Narev would retire by the end of the 2018 financial year.
CBA could face fines running into billions of dollars from the AUSTRAC case and also an investigation from ASIC over its handling of the alleged breaches.
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Source(s): AFP