Two years after being hit with a $1 billion capital penalty, an independent auditor has said that Commonwealth Bank has become “almost unrecognizable” under its new leadership.

In 2017, a money-laundering scandal prompted an investigation into the bank, which revealed ‘widespread complacency, overconfidence, excessive complexity, and insularity.”

CBA then entered an enforced undertaking to conduct remedial action.

Promontory Group, the auditor, has praised CBA’s transformation, having so far implemented 70% of 35 recommendations from APRA.

Mr Comyn, CEO of Commonwealth Bank, said that employee engagement was at a four year high, and that the bank has made good progress on its internal culture.

The auditor’s report states “there is now clear and committed leadership from the top in managing non-financial risk.”

It’s important to acknowledge when financial institutions are making positive steps to improve their quality of service, and that’s what CBA have done in the last two years.