Commbank reaches agreement with ACCC on consumer data compliance issue

Commonwealth Bank of Australia on Tuesday revealed it has entered into an Administrative Resolution with the Australian Competition and Consumer Commission.

The Sydney-based bank said it paid AUD792,000, approximately USD524,864, in penalties for alleged breaches of Consumer Data Right rules.

The matter related to certain account types not being enabled for data sharing when business accounts were added to the CDR system in November 2021. As a result, some customers may have been unable to share data with accredited recipients.

CommBank said it identified and voluntarily reported the issue, and has cooperated with the ACCC's investigation. The company accepts the ACCC's findings and apologised to affected customers.

The bank will begin contacting impacted customers from January 19, to provide details of a remediation program, and will also publish information on its website.

CommBank added it is reviewing and strengthening systems and processes to support ongoing compliance with CDR obligations.