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The resignation of Australia's largest bank chief on suspicion of violating terrorism financing laws


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Economy News _ Baghdad

The Commonwealth Bank, Australia's largest bank, announced on Monday that its chief executive would resign under pressure from market regulators following charges that the firm violated AML / CFT laws.

Commonwealth Executive Chairman Catherine Livingstone said in a statement that CEO Ian Nariff "will retire by the end of fiscal year 2018."

Last week, calls for Naryv's resignation came after the financial intelligence agency, the Australian Center for Information and Analysis of Transactions (OSTRAK), opened an investigation against the Commonwealth Bank accused of "seriously and systematically violating" laws more than 53,000 times. 
The chief executive of the 50-year-old Commonwealth Bank said he would stay in office, but the bank chief said the bank wanted to end speculation about its future.

"The process of appointing a successor takes place at all levels in the bank," Leavingstone said.

"We agreed in the negotiations with Naryf that it is necessary for the bank's work to address speculation and issues concerning its position," she said.

New Zealand-born Ian Nariff took over as head of the bank at the end of 2011.

The FIA accuses the giant bank of failing to report in time to 53,506 cash transactions of A $ 10,000 or more through ATMs between 2012 and 2015, with a total value of A $ 624.7 million.

The agency noted that the bank failed to report suspicious financial transactions in a timely manner, or was not reported at all, nor did it monitor customers or manage risks even when it noted the existence of suspicious money laundering.

 
Views 10   Date Added 14/08/2017
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