Australia's RBA governor: CBA accusations a very serious matter

© Reuters. Australia's new Reserve Bank of Australia (RBA) Governor Philip Lowe speaks at a parliamentary economics committee meeting in Sydney© Reuters. Australia’s new Reserve Bank of Australia (RBA) Governor Philip Lowe speaks at a parliamentary economics committee meeting in Sydney

MELBOURNE (Reuters) – Reserve Bank of Australia Governor Philip Lowe said on Friday accusations of money laundering and financing extremism levelled against Commonwealth Bank of Australia (AX:) are a very serious matter.

There needs to be accountability at CBA if shortcomings are identified, Lowe told a parliamentary economics committee.

Financial intelligence agency AUSTRAC launched civil penalty proceedings against Australia's No.1 lender last week for “serious and systemic non-compliance”, in the biggest case of its kind in Australia and the first against a major bank.

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