Money laundering probe exposes Australian banks` compliance frailties
(WorldNews Business)

* Australian banks have lagged global compliance benchmarks * CBA under fire for money laundering breaches * Customer deposits growing source of funding, competition fierce * Australian firms less responsive to FATF recommendations By Sumeet Chatterjee and Swati Pandey HONG KONG/SYDNEY, Aug 21 (Reuters) - A money laundering probe at Commonwealth Bank of Australia is the latest in a slew of scandals denting the reputation of Australian banks as simple, reliable lenders at the forefront in the battle against financial crime. Australian banks have lagged their global peers in both their spending and their approach on anti-money laundering and know-your-customer systems as they pursued rapid...