The major bank has confirmed that the corporate regulator will not take any enforcement action against it in relation to its previous breaches of anti-money laundering laws.
In a statement released to the market late on Wednesday, the Commonwealth Bank said it had been notified that ASIC had concluded its investigation into matters that were the subject of AUSTRAC proceedings against the bank in 2017.
The investigation included the bank's disclosure of AML breaches and "whether directors and officers of CBA complied with specific obligations under the Corporations Act", the bank said.
CBA said ASIC would not take any action in relation to the AUSTRAC proceedings, which saw the bank agree to pay a record $700 million penalty in 2018.
The shadow treasurer says advisers can’t be blamed for the high cost of advice as they struggle with increased levies ...
The advice network says it has upgraded its expectation for cost savings to $4 million as a result of Diverger’s ...
Single adviser-led firms continue to expand their footprint in the Australian advice ecosystem, Adviser Ratings research ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin