Commonwealth Bank of Australia faces a new probe by a different watchdog
Sydney — Commonwealth Bank of Australia, the nation’s biggest lender, has been hit with a public inquiry into its governance and culture — the second regulatory probe to be launched this month after it was accused of massive breaches of money-laundering rules. The move represents the first time that the Australian Prudential Regulation Authority will hold a public inquiry into a lender and heightens pressure on the government to hold a broad parliamentary probe — known as a royal commission — into the banking sector. CBA was sued this month by financial intelligence agency Austrac, which alleges that criminals and terrorism financiers laundered millions of dollars through CBA accounts — the first lawsuit of it kind against a major Australian bank and exposing CBA to a fine potentially amounting to billions of dollars. Since then, the Australian Securities and Investment Commission has launched a separate probe while a class action law firm is planning a suit on behalf of shareholder...
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