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Australian regulator sues CBA's units over compliance failures
- The Australian Securities and Investments Commission (ASIC) alleged that the conduct by the companies spanned a "significant" period of time and involved failures across multiple systems and business areas.
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Australia's corporate regulator filed a lawsuit on Monday against CommSec and Australian Investment Exchange, units of the country's largest lender Commonwealth Bank of Australia, alleging compliance failures in delivering financial services.
The Australian Securities and Investments Commission (ASIC) alleged that the conduct by the companies spanned a "significant" period of time and involved failures across multiple systems and business areas.