Australia's biggest lender under probe again

Sydney

COMMONWEALTH Bank of Australia (CBA), the nation's biggest lender, has been hit with a public inquiry into its governance and culture - the second regulatory probe to be launched this month after it was accused of massive breaches of money laundering rules.

The move represents the first time that the Australian Prudential Regulation Authority (APRA) will hold a public inquiry into a lender and heightens pressure on the government to hold a broad parliamentary probe - known as a Royal Commission - into the banking sector.