The fallout from Australia’s latest banking scandal — allegations that Commonwealth Bank may have ignored money-laundering regulations — could spur serious pain for the sector.
Commonwealth Bank of Australia (CBA), the largest bank Down Under, saw its shares tumble on Friday, shedding nearly 4 percent by the close.
That followed the Australian government’s financial intelligence and regulatory agency on Thursday saying it was seeking civil penalties against CBA for “serious and systemic non-compliance” with anti-money laundering laws.