Australian financial chiefs lash poor banking culture amid fresh CBA scandal

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Two of Australia’s most senior financial officials called into question the integrity of the country’s top banks on Friday, saying they risked losing public trust in the wake of unprecedented money-laundering and terror financing allegations.

The latest scandal to rock Australia’s highly profitable “Big Four” banks is potentially the worst, with Commonwealth Bank of Australia accused by the financial intelligence agency of allowing criminals to launder millions of dollars.

Australia’s biggest mortgage lender has blamed a software coding error and vowed to fight the allegations in court, but on Friday its problems deepened when the corporate regulator expressed fresh concerns about CBA’s management and said it was opening a separate investigation.

Read the original article here: reuters.com


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