Sydney – Australia’s corporate regulator said Friday it would investigate the nation’s biggest bank, the Commonwealth, over its handling of alleged breaches of money laundering and terrorism financing laws.

The Commonwealth Bank of Australia (CBA) was already been under fire after it was taken to court in a civil case last week by financial intelligence agency AUSTRAC for “serious and systemic non-compliance” of the laws more than 53,000 times.

Now the Australian Security and Investment Commission (ASIC) regulator said it was probing whether the bank complied with continuous disclosure obligations and if its directors carried out their duties under the Corporations Act.

“ASIC has commenced inquiries into this matter and any consequences this matter has for the laws we administer,” ASIC chairman Greg Medcraft told a parliamentary committee hearing.

While not referring specifically to CBA, Australia’s biggest company by market capitalisation, Medcraft stressed the importance of organisational culture in financial service companies.

© AFP PETER PARKS Australia's corporate regulator said Friday it would investigate the nation's biggest bank, the Commonwealth, over its handling of alleged breaches of money laundering and terrorism financing laws.

© AFP PETER PARKS – Australia’s corporate regulator said Friday it would investigate the nation’s biggest bank, the Commonwealth, over its handling of alleged breaches of money laundering and terrorism financing laws.