CommBank reviewing Austrac’s allegations

Rattled investors wiped about A$4.5 billion (RM15.41 billion) from the market value of Australia’s Commonwealth Bank (CommBank), following allegations of “serious and systemic” breaches of money-laundering rules. The bank said it was reviewing the allegations made by the country’s financial intelligence agency, Austrac. Austrac said it had launched civil penalty proceedings in the Federal Court against CommBank in the biggest of its kind case and the first against a major bank.