Thanks for logging in.

You can now click/tap WATCH to start the live stream.

Thanks for logging in.

You can now click/tap LISTEN to start the live stream.

Thanks for logging in.

You can now click/tap LATEST NEWS to start the live stream.

LISTEN
Watch
on air now

Create a 2GB account today!

You can now log in once to listen live, watch live, join competitions, enjoy exclusive 2GB content and other benefits.


Joining is free and easy.

You will soon need to register to keep streaming 2GB online. Register an account or skip for now to do it later.

Advertisement
Advertisement
Advertisement

Commonwealth Bank hit by ‘damning’ APRA report

Article image for Commonwealth Bank hit by ‘damning’ APRA report

The banking regulator and Treasurer Scott Morrison have come out swinging at the Commonwealth Bank and its senior management.

The Australian Prudential Regulation Authority (APRA) has handed down a scathing 110-page report which lambasts the bank’s culture in the wake of allegations it broke anti-money laundering and counter-terrorisn financing laws, on more than 50,000 occasions.

In the report, APRA says the bank has a “widespread sense of complacency, a reactive stance in dealing with risks, being insular and not learning from experience and mistakes.”

It also found the bank’s “continued financial success dulled the senses of the institution”.

Senator Jim Molan tells Chris Smith “it’s going to be quite amazing”.

“Particularly that this is just the start of the Royal Commission.

“It makes for very savage reading.”

Listen to the full interview below 

Luke Grant
Advertisement