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 the Financial Review’s Companies Editor. She’s a former deputy editor of Good Weekend and Asia correspondent for The AFR. Email Anne at ahyland@afr.com
