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RETAIL BANKING | Staff Reporter, Australia

Commonwealth Bank to be probed by the Australian Prudential Regulation Authority

The Australian Securities and Investment Commission also launched its investigation.

From Reuters: 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, 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.

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