The Australian Prudential Regulation Authority has slammed the Commonwealth Bank over events leading to allegations that it broke anti-money laundering and counter terrorism financing laws on almost 54,000 occasions.
In its final report into governance, accountability and culture at the CBA, APRA said the bank’s “continued financial success dulled the senses of the institution”.
The report found the CBA had a “widespread sense of complacency, a reactive stance in dealing with risks, being insular and not learning from experience and mistakes.”
APRA also pointed to an “overly-collegial and collaborative working environment” which lessened the opportunity for constructive criticism.
Responding to APRA’s report, the CBA has acknowledged the regulator’s concerns and has offered an enforceable undertaking in response to the report.