CBA joins regtech group to improve compliance

Commonwealth Bank of Australia is attempting to emerge from the shadow of its money laundering scandal with a bold move to reclaim its mantle as the top bank in the industry’s high-stakes tech war.

CBA has put one of its senior managers on the board of the RegTech Association, revealing a shift by chief executive Matt Comyn to look outside the bank to develop new anti-money laundering and compliance systems.

The financial services royal commission interim report is due with the government at the end of this week and is expected to highlight systems failures in banks while the prudential regulator has singled out CBA’s “immature and under-resourced compliance function” in its report on governance. Working with the RegTech Association could help CBA plug technology gaps and improve its risk management culture. It also represents a more collaborative approach towards start-ups by Mr Comyn as he moves to improve compliance with regulatory technology and reduce costs.

CBA’s head of governance and assurance, Jasper Poos, will join the board of the RegTech Association, a one-year old industry association which now has 54 members, mostly regulatory technology start-ups. The association has also appointed Deborah Young, formerly at AVCAL, as its first CEO, and Harold Lucero, the founder of a regtech firm recently sold to IRESS, as another new director.

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Source: CBA joins regtech group to improve compliance | afr.com