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Commonwealth bank under fire

The Commonwealth bank is caught in a one of the largest banking scandals in recent memory involving a systemic breach of anti-money laundering laws. Australia’s largest bank failed to report more than 53,000 transactions. These unlawful transactions may have been used by criminal organizations or even terrorist groups looking to launder funds. This has raised a number of concerns about the industry as a whole, being seen as a clear example of a culture of idleness and neglect in the sector. Thomas Clarke, a Professor of Management and Director of the Key University Research Centre for Corporate Governance at the University of Technology, Sydney spoke to us this morning about this.

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