August 27, 2017 / 10:48 PM / 3 months ago

Australia's prudential regulator launches inquiry into CBA

SYDNEY, Aug 28 (Reuters) - Australia’s prudential regulator said on Monday it would establish an inquiry into governance, culture and accountability at the Commonwealth Bank of Australia .

The move comes after the Australian government earlier this month accused the bank of widespread breaches of money-laundering and counter-terrorism financing rules.

The Australian Prudential Regulation Authority said in a statement it launched the inquiry after “a number of issues which have raised concerns...and have damaged the bank’s reputation and public standing”.

Reporting by Tom Westbrook in Sydney; Editing by Peter Cooney

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