Tuesday, 05 September 2017 06:16

Two CBA directors to go as fallout continues over scandal

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Two longstanding directors of the scandal-hit Commonwealth Bank are vacating their board seats in what appears to be a fallout caused by the ongoing crisis.

Launa Inman, a director since 2011, and Harrison Young, a board member since 2007, will both vacate their seats.

Inman was a member of the board's audit and remuneration committees while Young occupied a seat on the risk, audit and nominations panel. Both will leave in November.

The bank has been under pressure since the monitoring agency AUSTRAC filed a civil case against it in August for allegedly violating Australian anti-money laundering and counter-terrorism financing laws.

AUSTRAC claims that CBA contravened the laws more than 53,700 times and to a total value of more than $77 million. Any transaction over $10,000 is supposed to be reported within 10 days.

Meanwhile, other reports say the bank's alleged failure to monitor transactions will lead to action by US regulators.

Fairfax Media reported that the bank was already answering questions from a number of American bodies and it was only a matter of time before a formal probe was announced.

A Washington lawyer said the US financial intelligence unit FinCEN would already be involved through its understandings with AUSTRAC.

He said CBA had US branches and dealt in US dollars, both reasons why it would have to follow US anti-money laundering laws.

The civil case against CBA opened on Monday and the bank has been given time until 15 December to file its defence against the charges, after the presiding judge was told that it would not largely contest the main charges being levelled against it.


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Sam Varghese

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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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