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Flat White

The best banking regulator? Competition

1 September 2017

7:30 AM

1 September 2017

7:30 AM

Australian banking is in a tough spot. The recent Commonwealth Bank scandal, involving a systemic breach of anti-money laundering laws, has exposed a culture of idleness and neglect in the sector.

Over a span of three years, Commonwealth, Australia’s largest bank, failed to report more than 53,000 transactions that may have allowed terrorists and criminals to launder millions of dollars.

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