The Australian Prudential Regulation Authority (APRA) has launched an inquiry into Commonwealth Bank of Australia (CBA) after the latter was accused of money laundering violations.

The six-month inquiry would be carried out by an APRA-appointed independent panel and would focus on governance, culture as well as accountability frameworks and practices at CBA.

The expenses of the inquiry would be paid by the bank itself and the final report will be made public.

APRA chairman Wayne Byres said: “The overarching goal of the prudential inquiry is to identify any core organisational and cultural drivers at the heart of these issues and to provide the community with confidence that any shortcomings identified are promptly and adequately addressed.”

Earlier this month, the Australian Transaction Reports and Analysis Centre (AUSTRAC) filed a civil suit against the Australian lender, accusing the bank of violating anti-money laundering and counter-terrorism regulation over 53,700 times, mainly associated with intelligent deposit machines (IDMs).

Soon after, the bank’s CEO Ian Narev announced plans to retire by the end of financial year 2018.

Regarding the latest inquiry, CBA said that it will have its full cooperation.

“An independent and transparent view on the work we have done, and the work we still have to do, is an important element of strengthening trust. So this inquiry has our full support, to ensure it is as effective as possible,” Narev said.