Whipp News: Australia is taking on it’s biggest banks

The Commonwealth Bank has allegedly breached 53,000 anti-money laundering and counter-terrorism financing laws.

The bank was last week taken to court by Australia’s financial spy agency AUSTRAC for serious non-compliance.

Opposition Leader Bill Shorten is calling for a royal commission into the bank, while Prime Minister Malcolm Turnbull says legal proceedings have already begun so a royal commission would only cause further delay.

The bank announced yesterday it will cut the short-term bonuses and pay of the top executives. Despite the criticism, Chief Executive Ian Narev is refusing to step down from his position, as the bank prepares to fight the allegations.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s