By Paulina Duran
SYDNEY (Reuters) - Australia's corporate regulator said on Friday it was conducting an investigation into Commonwealth Bank of Australia (AX:CBA) after the financial intelligence agency sued the bank for alleged breaches of money-laundering and terror financing laws.
Australian Securities and Investment Commission (ASIC) Chairman Greg Medcraft told a parliamentary committee his agency would investigate whether other corporate laws were breached.
The probe would focus on the actions of CBA officers and directors and whether the bank had complied with its continued disclosure and licensing obligations, including having enough contingent liabilities.
"ASIC has commenced inquiries into this matter and any consequences this matter has for the laws we administer," Medcraft said, referring to the issues raised by financial intelligence agency AUSTRAC.
AUSTRAC last week accused CBA, Australia's biggest lender, of roughly 53,700 breaches of anti-money laundering and counter terrorism financing laws.
It launched a civil court action that could result in several billion dollars in fines for CBA, although the bank says it will defend the case.