The head of Australia's Commonwealth Bank will step down by the middle of next year, the firm said.
Narev joined the group in 2007, serving at the helm since 2009.
Commonwealth Bank of Australia CEO Ian Narev will leave CBA by the end of FY18.
Commonwealth Bank of Australia (ASX:CBA) has announced its Managing Director and Chief Executive Officer, Ian Narev will retire by the end of the 2018 financial year.
The announcement comes just one week after AUSTRAC started reviewing allegations about money laundering in relation to the lodgment of transaction reports.
Commonwealth Bank has blamed numerous alleged breaches on a software coding error, but also acknowledged other mistakes were made.
She said that succession planning has been an ongoing process for the board, with Mr Narev now in the role for nearly six years, but that the CEO and directors agreed it was important to end speculation about his future. Austrac's allegations largely relate to a failure to provide timely reports on transactions above a A$10,000 threshold over about three years from 2012, as well as accusations it failed to report suspicious transactions on time or at all and that even after it became aware of suspected money laundering of not monitoring customers.
The beleaguered boss of the Australian bank at the center of a money-laundering scandal first had his bonus cut to zero.
The Australian Securities and Investment Commission said it would look at whether the bank's board complied with its obligations to tell shareholders about all potential liabilities.
The bank's board said last week it had no reason to believe that anyone at the bank deliberately acted unethically, or to enrich themselves.
Profits were 4.6% higher than last year's results and the eighth straight year of record profits for the bank.