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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