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Whitfield first hire in CBA board shuffle

04 September 2017 3:34PM
Rob Whitfield, the former head of Westpac Institutional Bank, will be a nominee for the board of Commonwealth Bank, the Financial Review reports.CBA will also tell investors that three directors will step down in total, two at the AGM and the third in 12 months' time, the newspaper's Street Talk column reports.A notice of meeting for the bank's AGM may be released today to clarify board succession.Commonwealth Bank has separately confirmed to The Australian that it has a tender underway to potentially offshore its cyber security operations.Meanwhile Sky News and The Australian at the weekend published a more detailed view of an internal review of large gaps in CBA's global transaction monitoring compliance.The review of CBA's Institutional Banking & Markets business, presented to executives in February, "also confirms upper levels of CBA management were aware of the large-scale gaps in the bank's compliance frameworks" the newspaper reports. This was well before Austrac filed its destabilising statement of claim against the bank in August, which alleged more than 53,000 breaches of anti-money laundering rules.The review, "which showed non-existent or minimal transaction monitoring across almost two-thirds of this division, also found that 'product financial crime risk assessments' across the group 'have not been updated since 2013'.in a statement to the ASX on Friday, CBA styled the report as a "working document, proposing technology enhancements as part of our ongoing programme of action".

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