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Commonwealth Bank, Shutterstock

The Commonwealth Bank is facing allegations that the bank breached the Anti-Money Laundering and Counter-Terrorism Act (2006) 53,700 times since 2012.

It is claimed that Commonwealth ATMs were used by criminals to deposit money into accounts before transferring the funds overseas. There are allegations that some of the money was used to fund terrorist organisations in other parts of the world.

Commonwealth Bank CEO Ian Narev is refusing to step down and is placing the blame on a coding error.

Is it now time for the Government to call a royal commission into Australian banking industry?

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