Inquiry by Australian Prudential Regulation Authority follows allegations the bank breached laws to combat money laundering and terrorism funding

The Commonwealth Bank is to be the subject of an Australian Prudential Regulation Authority inquiry, the regulator has said, following a series of issues that prompted concerns about its governance, culture and accountability.

On Monday the chairman of Apra, Wayne Byres, said the inquiry by an independent APRA-appointed panel follows damage to the bank’s reputation and public standing by a range of issues, most recently allegations it breached laws to combat money laundering and terrorism funding.

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