Commonwealth Bank CEO Narev to Retire

The transcript discusses a major money laundering scandal involving the Commonwealth Bank of Australia (CBA), highlighting 50,000 breaches of money laundering and anti-terrorism laws. The bank attributes the issue to a software error, while regulatory bodies like ASIC and the Reserve Bank of Australia express dissatisfaction. The scandal has led to leadership changes, affecting the bank's stock prices. The transcript also covers CBA's succession planning and the potential impact on the financial index.

What was the main reason given by the Commonwealth Bank for the money laundering breaches?

• A failure in communication with regulators

• An oversight by the management

• A software coding error

• A lack of staff training

Which regulatory body is investigating the Commonwealth Bank alongside ASIC?

• The Australian Securities Exchange

• The Australian Competition and Consumer Commission

• The Reserve Bank of Australia

• The Australian Prudential Regulation Authority

How long has Ian Narev been in charge of the Commonwealth Bank?

• Four years

• Seven years

• Five years

• Six years

What other scandals, besides money laundering, has the Commonwealth Bank faced under Ian Narev's leadership?

• Fraudulent loan approvals

• Non-payment of insurance claims

• Misleading advertising

• Unauthorized trading activities

What percentage of the index does the Commonwealth Bank make up by weight?

• 20%

• 15%

• 10%

• 5%