Fraser Anning (Queensland, Pauline Hanson's One Nation Party) Share this | Hansard source

Senators may be aware that proceedings have been brought by AUSTRAC in the Federal Court against the Commonwealth Bank regarding an alleged 53,700 breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, which no doubt contributed to the government's decision to launch a royal commission into the banking industry—the quasi-monopoly enjoyed by the four major banks. Statements have already been made that any cost imposed upon them by the intended royal commission will be passed onto consumers. In these circumstances, I seek the Senate's concurrence to monitor whether the costs associated with any civil penalties or orders that may be subsequently made against the Commonwealth Bank for its illegal actions are not simply passed onto consumers.