Commonwealth Bank head to retire amid money laundering claims

Commonwealth Bank head to retire amid money laundering claims

The head of Australia's Commonwealth Bank will step down by the middle of next year, the firm has said.

Chief Executive Ian Narev will retire after six years at the helm of Australia's biggest mortgage lender.

It comes amid pressure from regulators over 53,700 alleged breaches of anti-money laundering laws.

The board said it brought forward details of its succession plans to end speculation over his tenure.

Mr Narev had faced calls to step down after the Australian Transaction Reports and Analysis Centre (Austrac) launched a civil action against the bank over what it described as "serious and systemic" breaches of anti-money laundering laws.
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