Commonwealth Bank of Australia, that country's largest lender, this week admitted that it had lost the records of 20 million accounts and had kept affected clients in the dark over its blunder. The revelation is one of many to have emerged in recent months and puts the country's financial services sector, currently being probed by a judicial inquiry, under further pressure. Last month the chair and CEO of insurance giant AMP, operating in Australia and New Zealand, resigned as the sector's crisis deepened. Since then, calls for the heads of Australia's four large banks to step down and face prosecution have intensified. Commonwealth Bank alone has been sued for 53700 breaches of anti-money laundering and terrorism-financing laws. The bank, which has a partnership with soon-to-be launched Tyme Digital in South Africa, has also admitted to using outdated medical definitions to refuse sick customers insurance payouts and invoicing people for financial advice a decade after their deaths...
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