ASIC drops investigation into CBA AUSTRAC scandal

In a statement released to the market late on Wednesday, the Commonwealth Bank said it had been notified that ASIC had concluded its investigation into matters that were the subject of AUSTRAC proceedings against the bank in 2017.

The investigation included the bank's disclosure of AML breaches and "whether directors and officers of CBA complied with specific obligations under the Corporations Act", the bank said.

CBA said ASIC would not take any action in relation to the AUSTRAC proceedings, which saw the bank agree to pay a record $700 million penalty in 2018.