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Australia's RBA governor: CBA accusations a very serious matter

MELBOURNE (Reuters) - Reserve Bank of Australia Governor Philip Lowe said on Friday accusations of money laundering and financing extremism levelled against Commonwealth Bank of Australia <CBA.AX> are a very serious matter.

There needs to be accountability at CBA if shortcomings are identified, Lowe told a parliamentary economics committee.

Financial intelligence agency AUSTRAC launched civil penalty proceedings against Australia's No.1 lender last week for "serious and systemic non-compliance", in the biggest case of its kind in Australia and the first against a major bank.

(Reporting by Wayne Cole and Swati Pandey in SYDNEY; Editing by Paul Tait)