Australia’s biggest bank and the wealth manager report drops after year rocked by scandals and banking royal commission

The regulatory crackdown on Australia’s financial industry has hurt profits at the Commonwealth Bank and the wealth manager and insurer AMP.

In a challenging year for the Commonwealth, Australia’s biggest bank announced full-year profits dropped 4.8% to $9.233bn in 2017/18 – the first annual fall for eight years.

The decline was mostly driven by a $700m penalty paid to Austrac after it breached anti-money laundering laws.

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Read More Commonwealth Bank and AMP profits plunge amid regulatory crackdown

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