The president of Australia's Commonwealth Bank warned that further consequences may need to be taken at the bank following the recent money-laundering scandal. The chief executive already lost his job and bonuses have been cut.
Catherine Livingstone was speaking to the the Australian House of Representatives Standing Committee on Economics which is conducting public hearings with the country's four major banks as part of its review of the banking sector.
The Commonwealth Bank of Australia is accused of breaching the Anti-Money Laundering and Counter-Terrorism Financing Act over combined cash deposits of $624.7 million which passed through the bank's smart ATMs.
CEO: No Bonus and Waiting to Leave
«I can assure the committee that, as we do the work to understand the underlying causes and issues there will be further accountability consequences as necessary,» Livingstone told members of parliament.
Livingstone and her board colleagues docked their own pay by one-fifth in the current year, which ends next June, finews.asia reported earlier this year. Ian Narev, the beleaguered boss of the Australian bank, had his bonus cut to zero and will leave his post next summer.
