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CBA confirms existence of internal report on offshore transactions
August 31, 2017 / 11:54 PM / 3 months ago

CBA confirms existence of internal report on offshore transactions

Sept 1 (Reuters) - Commonwealth Bank of Australia, the nation’s biggest lender, confirmed the existence of an internal report warning of shortcomings in its monitoring of offshore transactions after media said it had obtained the report.

News Corp’s Sky News Business said CBA’s confidential review of its institutional banking and markets division went to senior executives in February, and showed transaction monitoring was “non-existent or minimal across almost two thirds” of that division.

“The document referred to in those media reports was a working document, proposing technology enhancements as part of our ongoing programme of action,” CBA said in a statement to the Australian Securities Exchange on Friday.

Reporting By Anusha Ravindranath in Bengaluru; Editing by Stephen Coates; Editing by Byron Kaye

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