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Australia's biggest bank scraps CEO's bonus

Commonwealth Bank responds to allegations of 53,700 breaches of money-laundering and counter-terrorism financing laws; CEO's bonus reduced to zero

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Under CEO Ian Narev's watch, the bank is accused of systematically failing to monitor suspicious transactions totalling over A$77 million, and failing to act promptly on police instructions to suspend suspicious accounts.

Melbourne

COMMONWEALTH Bank of Australia on Tuesday scrapped its chief executive's bonus for damaging the bank's reputation amid allegations it broke money-laundering and counter-terrorism financing laws, but said he retained the board's confidence.

Australia's financial

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