ASIC probe looks at whether bank met licensing obligations to ‘act efficiently, honestly and fairly’ in revealing costs of money laundering to investors

Australia’s corporate watchdog is investigating whether the country’s biggest bank broke disclosure laws by not telling investors about problems with money laundering by criminal gangs and suspected terrorists.

The Australian Securities and Investments Commission chairman, Greg Medcraft, told MPs on Friday that the investigation would determine whether the Commonwealth Bank met its licensing obligations to “act efficiently, honestly and fairly” in revealing potential costs to the bank.

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