Financial services industry regulator APRA (Australian Prudential Regulation Authority) announced a three-member panel for its inquiry into the governance, culture and accountability at the Commonwealth Bank.
The prudential inquiry is looking at the issues which led to damage to the bank’s reputation, including the latest scandal which has the CBA in court accused of breaches of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act over combined cash deposits of $624.7 million.
APRA has appointed Dr John Laker, a former chair of APRA, Graeme Samuel, a former chairman of the Australian Competition and Consumer Commission (ACCC), and company director Jillian Broadbent.
The goal of the inquiry is to identify any shortcomings in the governance, culture and accountability frameworks and practices within CBA, and make recommendations as to how they can be adequately addressed.
“APRA is pleased to have secured the services of three highly experienced and credentialed panel members to conduct the prudential inquiry,” says APRA Chairman Wayne Byres.
“Between them, John, Graeme and Jillian bring an excellent blend of skills and experience to the task, including in matters of corporate governance and organisational culture.”
The CBA welcomed the appointments and said it looked forward to “providing them with our full cooperation”.
Corporate regulator ASIC (Australian Securities and Investments Commission) has confirmed it is investigating the bank over its conduct in the money laundering scandal.
And shareholders have launched a class action against the Commonwealth Bank over the drop in share value when the money laundering scandal broke this month.