Commonwealth Bank is reportedly looking at ways to repair the damage done to its reputation after the Australian Transactions Reports and Analysis Center (AUSTRAC) accused it of "serious and systemic" breaches of anti-money laundering and terrorism financing laws.

"I would imagine that someone's head is going to have to roll," said former AUSTRAC senior executive Gavin Durbin in an interview with the ABC.  "It's too serious a breach given the crime syndicates (allegedly) involved and the money involved," he added.

Commonwealth Bank says it is cooperating with AUSTRAC but it will defend itself.  AUSTRAC alleges CBA failed to report 53,700 suspicious transactions that contravened the Anti-Money Laundering and Counter-Terrorism Financing Act.  The maximum fine for each contravention is $18 million.

Chief executive Ian Narev has not commented; and shareholders, customers, lawmakers, and fellow bankers will be carefully watching and measuring the response of CBA's new Chair Catherine Livingstone.

It's expected this scandal will overshadow next week's scheduled full-year profits report.