Monday, 14 August 2017 10:27

CBA chief Narev to walk the plank by end of June 2018 Featured

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Commonwealth Bank chief executive Ian Narev will bid goodbye to the organisation by the end of June 2018 in the wake of the allegations of violating money-laundering and counter-terrorism financing laws levelled by AUSTRAC.

CBA chairman Catherine Livingston said the exact timing of Narev's departure would depend on when a replacement was found.

After AUSTRAC announced that it was filing a civil case in the Federal Court, Narev had said he should be the one to sort out the mess as it happened under his watch.

The board, which last week pledged that he had its full support, has apparently done a U-turn and decided that the third scandal under Narev will be his last.

AUSTRAC had levelled charges that more than $77 million had been laundered through the bank, with the relevant law being contravened more than 53,700 times.

money laundering

Speculation has been rife ever since the AUSTRAC announcement that Narev had finally come to the end of his tenure.

He had ridden out two earlier scandals - one involving the bank's financial services arm and a second involving the banks life insurance section.

The bank had blamed coding errors in a software update for its Intelligent Deposit Machines for its allegedly falling foul of the law.

It claimed that when the IDMs were rolled out in May 2012, they were working as they should. 

CBA added that a software update later that year led to the machines not providing the correct Threshold Transaction Reports which had to be sent to AUSTRAC. Any transfer of more than $10,000 has to be reported within 10 days.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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