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Commbank bonuses were reportedly tied to roll-out of ATMs at centre of alleged money laundering scandal

Greens spokesperson for Treasury, Senator Peter Whish-Wilson, is calling on the Board of Commonwealth Bank to consider the position of Ian Narev today, and to cancel all senior executive bonuses in their meeting prior to the release of the annual financial results.

Senator Whish-Wilson said, “If the Board of Commbank wants to start to rebuild trust in their organisation they need to make sure that no senior executive with any oversight of this alleged money laundering scandal gets paid one single cent in bonuses this year.

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CBA scandal: Government must relent on Bank RC and CBA must cancel all executive bonuses

Greens Treasury Spokesperson, Senator Peter Whish-Wilson, says that Commbank money laundering scandal shows that the culture in the financial services sector is still suspect and only a Royal Commission or a Parliamentary Commission of Inquiry will return public confidence in this critical sector.

Senator Whish-Wilson said, “The behaviour of Commbank that emerged during the Senate Inquiry into ASIC was what sparked the first call for a Royal Commission. I am sick of being told by overpaid executives that everything is ok in this sector, when it is clearly not.

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Turnbull putting cart before horse on banking tribunal

Greens Treasury spokesperson, Senator Peter Whish-Wilson, provides the following comments on the Turnbull Government’s parliamentary committee probe into banking conduct and a possible banking tribunal.

“Following this week’s dog and pony show with bank CEOs, today’s move for a banking tribunal is just another distraction from the need for an independent “deep dive” review of our banking system, its regulations and the laws governing white collar crime, compensation, penalties and liquidation proceedings.

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