ASIC lines up money laundering CBA executives

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Via Nathan Lynch of Reuters via Banking Day:

The Australian corporate regulator is pushing ahead with a landmark case against some of Commonwealth Bank’s existing and former board members over the organisation’s anti-money laundering (AML) failures. The civil case is shaping up to be one of the first under the Australian Securities and Investments Commission’s “litigation first” enforcement strategy, under the new deputy chairman, Daniel Crennan QC.

The case is understood to be getting priority among more than 40 major cases that ASIC is exploring following the publication of the report of the royal commission into banking misconduct four weeks ago.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.