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Labor questions banking chief's leadership

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August 09, 2017

Frontbencher Katy Gallagher said Australia's banks had copped more than $300 million in fines.

Federal Labor has questioned the leadership of Commonwealth Bank CEO Ian Narev as it renewed calls for a royal commission into the banking sector.

Frontbencher Katy Gallagher said Australia's banks had copped more than $300 million in fines, penalties or compensation for misconduct and breaches of the law during the past 18 months.

"You can no longer tinker at the edges of regulators powers or amendments to certain laws when you have these very, very serious allegations that go to the heart of how our banking system is operating," she told reporters. referring to allegations the CBA failed to abide by anti money-laundering and counter-terrorism laws.

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