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Commonwealth Bank scraps CEO bonus over alleged money-laundering breaches

August 7, 2017 11:13 PM
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Commonwealth Bank scraps CEO bonus over alleged money-laundering breaches

The board said today it has cut short-term bonuses to zero for Chief Executive Ian Narev and other top executives for the year to June 30, 2017. — Reuters picMELBOURNE, Aug 8 — Commonwealth Bank of Australia today scrapped its chief executive’s bonus for damaging the bank’s reputation amid allegations it broke money-laundering rules, but said he retains the board’s confidence.

Australia’s biggest lender has been accused of 53,700 breaches of anti-money laundering rules, including failing to identify, monitor and report transfers of more than A$10,000 (RM33,882), which could result in several billion dollars of fines.

The board said today it has cut short-term bonuses to zero for Chief Executive Ian Narev and other top executives for the year to June 30, 2017.

“In reaching this conclusion the overriding consideration of the Board was the collective accountability of senior management for the overall reputation of the Group,” Chairman Catherine Livingstone said in a statement.

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Source: themalaymailonline.com

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