Catherine Livingstone opened the Commonwealth Bank of Australia's annual meeting, held under airport-like security in Sydney, by apologising to the hundreds of shareholders in attendance for the bank's "damaged reputation" as a result of its apparent anti-money laundering failures.
The board is taking AUSTRAC matters "with the gravity they warrant" as they were "very serious" allegations, the CBA chairman said at the start of the AGM - which ran for three hours on Thursday morning.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
