SYDNEY, May 1 (Reuters) - The Australian banking regulator imposed an extra A$1 billion ($753 million) onto Commonwealth Bank of Australia’s minimum capital requirement as it released a harsh report on the bank’s culture and governance.
The Australian Prudential Regulatory Authority (APRA) commissioned the independent report after CBA was sued by Australia’s financial intelligence agency for widespread breaches of money laundering laws that allowed criminals and terror financiers to launder millions of dollars through its accounts.
The report found that Australia’s biggest lender had a “widespread sense of complacency, a reactive stance in dealing with risk”, and did not learn from its mistakes, APRA said in a statement. ($1 = 1.3280 Australian dollars) (Reporting by Paulina Duran; editing by Jane Wardell and G Crosse)
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