Official Statement from the Commonwealth Bank of Australia Chairman of the Board

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Official Statement from the Commonwealth Bank of Australia Chairman of the Board

Catherine Livingstone AO, Chairman of the Board of the Commonwealth Bank of Australia have provided an official statement on the the allegations (AML & CTF) in the statement of claim served by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

” Since 2015, More than 50 financial crime compliance professionals had been hired “

Since 2015, when the alleged issues were brought to the Board’s attention, the bank had implemented key measures including fixing the coding error, changing key senior leadership, recruiting more than 50 financial crime compliance professionals and many more.

The Board’s have also remove the Short-Term Variable Remuneration outcomes for the CEO and Group Executives for the financial year ended 30 June 2017 and reduce fees for non-executive directors by 20 per cent during the current 2018 financial year.

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The Board notes that it has no reason to believe that the allegations arose from deliberate or unethical behaviour, or any commercial motive.

Source: Official Press Release

About Commonwealth Bank

The Commonwealth Bank is Australia’s leading provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and sharebroking products and services. The Group is one of the largest listed companies on the Australian Securities Exchange and is included in the Morgan Stanley Capital Global Index. It was was founded under the Commonwealth Bank Act in 1911 and commenced operations in 1912, empowered to conduct both savings and general banking business. Today, the bank has grown to a business with more than 800,000 shareholders and 1,100 branches nationally.

• Origin : Sydney, Australia
• Assets : $933.1 billion
• Revenue : $24.6 billion
• Employees : 52,000

Official Website: www.commbank.com.au

News & Media: Press Release

Updated on 8th August 2016

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