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 role did the regulator ASIC play in the situation described?

What does the text suggest about the future of the CEO of the Commonwealth Bank?