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Legal woes cloud latest CBA record profit

Record profits and legal headaches - how the AUSTRAC money laundering case overshadowed CommBank's $9.9bn bonanza

* CBA has posted a record full-year cash profit of $9.88 billion for 2016/17 - its eighth straight record full-year result

* The blockbuster result - up 4.6 per cent on 2015/16 - comes as the bank deals with serious allegations of breaches of money laundering laws in a case brought by regulator AUSTRAC

* Bank CEO Ian Narev faced questions about AUSTRAC allegations - including that the bank failed to properly report 53,500 transactions at cash deposit machines that should have been flagged under money laundering laws - instead of about the results

* Mr Narev says mistakes were made and the bank "has had a lot of interest in the last few days ... for reasons that don't reflect well on the bank or on me"

* The bank chief sought to talk about taxes, saying CBA pays $3.9bn - enough to build six hospitals

* Mr Narev declined to say whether anyone will be sacked, saying: "where there ought to be accountability, there will be accountability"

* On Tuesday the bank scrapped short-term bonuses for the CEO and his fellow executives

* CBA chairman Catherine Livingstone said the board has no reason to believe the allegations arose from "deliberate or unethical behaviour, or any commercial motive"

Austrlaian Associated PressBack to Breaking News

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