The Australian Securities and Investments Commission is considering pursuing a case against Commonwealth Bank of Australia directors that would allege they breached their duties to protect the company's reputation when responding to AUSTRAC warnings the institution was being used for money laundering.
ASIC declined to comment. However, it is expected outgoing ASIC chairman Greg Medcraft will focus on this issue when he fronts a parliamentary joint committee on corporations and financial services in Sydney today.
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Anne Hyland is an award-winning writer and a senior correspondent for The Sydney Morning Herald and The Age. She was previously deputy editor of Good Weekend and has worked for The AFR and as a foreign correspondent. Connect with Anne on Twitter. Email Anne at ahyland@smh.com.au
