Australia's biggest bank scraps CEO's bonus

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 intelligence agency last week accused the bank of roughly 53,700 breaches, launching a civil court action that could see the country's biggest lender fined several billion dollars.

The case is the largest of its kind in Australian corporate history, and sent Commonwealth Bank shares sliding for the…