Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal
Brendon Lau, 16 June 2021
The Commonwealth Bank of Australia (ASX: CBA) share price broke a new record high on Wednesday despite being tainted by a money laundering scandal.
The CBA share price jumped over 1.4% to $104.82 even as the S&P/ASX 200 Index (Index:^AXJO) struggled to hold its head above water.
Investors aren’t perturbed by news that the bank may be in breach of anti-money laundering laws, reported the Australian Financial Review.
Money laundering scandal fails to dampen CBA share price
The potential legal headache is linked to an investigation into BSP Financial Group Ord Shs (ASX: BFL) by Papua New Guinea authorities.
BSP is a partner of CBA and to National Australian Bank (ASX: NAB). The report hasn’t impacted on the NAB share price either as it jumped 0.7% to $26.86.
The two ASX big banks are correspondent banks to BSP. This means CBA and NAB provide a channel for BSP’s customers to transfer money in and out of Australia.
