CBA chairman apologises for Austrac scandal



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Commonwealth Bank chairman Catherine Livingstone has apologised to shareholders for the Austrac anti-money laundering scandal, adding she is committed to ensuring the bank resolves issues in the best interests of all stakeholders.

“As Chairman, and on behalf of the Board, I apologise sincerely for this deficiency and its consequence,” she told shareholders at the company’s annual general meeting in Sydney this morning.

“I am … personally committed to ensuring that we deal openly with the problems of the past, resolve those issues in the best interests of all stakeholders, and focus on executing our strategy in the face of a rapidly changing competitive, regulatory and technology environment”.

“Shareholders, I can assure you that these concerns command the highest priority of the Board, and we are determined to ensure that our risk management systems, including regulatory compliance, are of the high standard which is expected of us; and that we rebuild trust in the Bank.”

She assured shareholders that the CBA (CBA) board is treating Austrac allegations against the bank “with the gravity they warrant”.