Australia’s financial sector has not yet recovered from the scandal that has engulfed the Commonwealth Bank of Australia in recent years. The company was found to have breached anti-money laundering and terrorist financing laws, which resulted in money reaching drug importers.

Things have continued to be challenging for the company. Recent reports suggest that its insurance arm, CommInsure, faces criminal charges after being accused of cold-calling customers to sell life insurance.

Australia’s financial regulatory bodies have "beefed up efforts to look at best interest and responsibilities", according to Sydney-based Minter Ellison partner, Stuart Johnson. In particular, he noted a shift from disclosure to an enforcement-first approach.

The case that started it all began when the Commonwealth Bank was accused of terrorist financing and money-laundering. The bank paid a record fine of 700 million AUD ($472.1 million) last year following an investigation by the Australian Transaction Reports and Analysis...