CBA treated the regulators with contempt! Thats why they were hammered, because CBA management didn't take the regulators seriously and dragged the feet on risk issues. Just last week they were still taking the issue of risk lightly by saying it will take them 5 years to implement new risk protocols at CBA. CBA management are a joke! They just don't get it and the new head of APRA told them so today!
"Ms Rose said the regulator was working closely with the bank to bring its systems up to speed but was not impressed by comments from the bank's chief risk officer David Cohen that a complete "revamp" of the systems may take as long as five years.
"I was certainly surprised by that length of time, certainly these systems are difficult ... you've got a company thats got a 50,000 staff, I can't imagine that's a small task, but, three to five years is too long certainly for AML-CTF obligations."
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