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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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.
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