August 11, 2017 / 12:16 AM / 7 months ago

Australia's RBA governor: CBA accusations a very serious matter

MELBOURNE (Reuters) - Reserve Bank of Australia Governor Philip Lowe said on Friday accusations of money laundering and financing extremism levelled against Commonwealth Bank of Australia (CBA.AX) are a very serious matter.

Australia's Reserve Bank of Australia (RBA) Governor Philip Lowe speaks at a parliamentary economics committee meeting in Sydney, September 22, 2016. REUTERS/Jason Reed

    There needs to be accountability at CBA if shortcomings are identified, Lowe told a parliamentary economics committee.

    Financial intelligence agency AUSTRAC launched civil penalty proceedings against Australia’s No.1 lender last week for “serious and systemic non-compliance”, in the biggest case of its kind in Australia and the first against a major bank.

    Reporting by Wayne Cole and Swati Pandey in SYDNEY; Editing by Paul Tait

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