MELBOURNE, Australia--Commonwealth Bank of Australia Ltd. (CBA.AU) faces a broad ethics health-check by the industry regulator, as the fallout over alleged money-laundering compliance breaches compounded. Continue Reading BelowIn an unusual step, the Australian Prudential Regulation Authority on Monday said it would establish an independent inquiry into the nation's biggest bank, focusing on governance, culture and accountability. "Given its position in the Australian financial system, it is critical that community trust is strengthened." Continue Reading Below ADVERTISEMENTThe inquiry has Commonwealth Bank's full support, Chief Executive Ian Narev said. The CEO and senior bank executives lost out on short-term bonuses for the last year through June in the wake of the allegations.

Source: Wall Street Journal August 28, 2017 04:07 UTC