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.