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.