Commonwealth Bank boss to retire amid laundering claims

The chief executive of Australia's biggest bank, the Commonwealth, will retire, the company said today, amid pressure from regulators over alleged breaches of laws on money laundering and terrorism financing.
The bank's chairwoman Catherine Livingstone said in a statement to the stock exchange that Ian Narev "will retire by the end of the 2018 financial year".
Narev faced calls to step down last week after the financial intelligence agency AUSTRAC launched a civil action against the bank alleging "serious and systemic non- compliance" with the laws more than 53,000 times.
The 50-year-old initially insisted he would stay on but Livingstone said today that the bank wanted to end speculation over his future.

"Succession planning is an ongoing process at all levels of the bank. In discussions with (Narev) we have also agreed it is important for the business that we deal with the speculation and questions about his tenure," she said.
"Today's statement provides that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business."
Shares in CBA, Australia's biggest company by market capitalisation, closed 1.01 per cent higher to Australian dollars 81.31 in Sydney.