9th Aug 2017, 4:55 PM – Senate Committees - Commonwealth Bank of Australia - Withhold bonuses

The majority voted against a motion introduced by Tasmanian Senator Peter Whish-Wilson (Greens), which means it failed.

Motion text

That the Senate—

(a) notes:

(i) claims by AUSTRAC that the Commonwealth Bank of Australia (CBA) handled over 53 000 transactions through so-called Intelligent Deposit Machines (IDM) that were in breach of Australia's anti–money laundering and counter-terrorism financing laws,

(ii) claims that the CBA repeatedly failed to meet its reporting obligations despite being aware of patterns of activity in some accounts that were suspicious and indicative of money laundering,

(iii) claims that the CBA appears to have allowed those undertaking suspicious activity to keep their accounts open and to continue to make transactions using IDMs, and

(iv) the CBA's ongoing failure to restore public trust in addressing cultural shortcomings; and

(b) calls on the board of the CBA to withhold all bonuses for the CEO, Mr Ian Narev, and all other executives with responsibility for the bank's IDMs and money deposited through IDMs.