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Commonwealth Bank Fined for Failing to Comply With Australia's Consumer Data Rules. Australia’s biggest bank is facing heat after regulators ruled it broke the country's consumer data laws. The Commonwealth Bank has paid a penalty of nearly eight hundred thousand Australian dollars after officials found it failed to enable data sharing for certain business and partnership accounts, a key requirement under Australia's Consumer Data Right system. Regulators say this is the largest fine ever issued for a CDR breach and serves as a warning to any organisation dragging its feet on compliance. Consumers had reported struggling to access CDR-powered services, prompting the investigation. The bank says it actually discovered the issue itself, voluntarily reported it, and has accepted the findings. It's also preparing to contact affected customers who may qualify for remediation. This marks the second major penalty this year, after National Australia Bank was hit with a similar fine, a sign that regulators are tightening enforcement as banks are expected to fully understand their data-sharing obligations by now.
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