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CBA probed as ASIC boss slams bank culture

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August 11, 2017

CBA is accused of systematic breaches of money laundering and terrorism laws.

Commonwealth Bank is being investigated by the corporate regulator over its alleged breach of money laundering and terrorism financing laws.

Australian Securities and Investments Commission chairman Greg Medcraft told a parliamentary committee on Friday the regulator was looking at whether CBA complied with its duties under the corporations act and if it had met its continuous disclosure obligations.

Australia's largest bank has been accused by AUSTRAC of failing to provide on-time reports for more than 53,500 transactions of $10,000 or more.

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