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'Not scared': Australian regulator takes aim at country's powerful banks

Reuters  |  SYDNEY 

By Swati Pandey and Paulina DuranSYDNEY (Reuters) - Australia's corporate regulator took aim at the nation's four major banks, saying the powerful institutions "with a lot of hubris" aren't used to being taken on by regulators who have stepped up scrutiny of the scandal-hit sector.Australia's highly profitable banks have been hit by a series of scandals including allegations of benchmark rate-rigging and, in the case of Commonwealth Bank of Australia, alleged money-laundering breaches. "When I became chairman I decided we need to build a war chest to take on big cases...I am not scared of ...

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First Published: Tue, September 12 2017. 14:16 IST
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