The Australian Prudential Regulation Authority is setting up an inquiry into the Commonwealth Bank after a series of issues at Australia's largest bank prompted concerns about the lender's governance, culture and accountability.
APRA chairman Wayne Byres says the inquiry follows damage to the bank's reputation and public standing by a range of issues, most recently allegations it breached laws to combat money laundering and terrorism funding.
"The Australian community's trust in the banking system has been damaged in recent years, and CBA in particular has been negatively impacted by a number of issues that have affected the reputation of the bank," Byres said in a statement on Monday.
