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Two directors of Australia's CBA step down amid money-laundering case
September 4, 2017 / 12:42 AM / 17 days ago

Two directors of Australia's CBA step down amid money-laundering case

Sept 4 (Reuters) - Commonwealth Bank of Australia announced on Monday the retirement of two directors and members of its audit committee, following allegations it allowed thousands of breaches of anti-money laundering a terror financing rules through its accounts.

Launa Inman and Harrison Young were stepping down and Robert Whitfield had been appointed as an independent non-executive director of the board effective immediately, it said in a statement.

CBA on Friday confirmed that its internal reporting had flagged shortcomings in its monitoring of offshore transactions as early as February, well before Australia’s financial intelligence agency launched a civil case against it on Aug. 3.

Reporting by Sandhya Sampath in Bengaluru; Editing by Stephen Coates

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