AUSTRAC is alleging CBA failed to comply with money laundering and anti-terrrorism financing rules over a a number of years. "The outlook for retail banking has become more challenging and the problems at ANZ and NAB have now been largely addressed," the research said. "In fact, we would argue that the majors' strategies and outlook are more similar today than they have been at any time since 2003 before ANZ bought NBNZ (late 2003) and NAB suffered from its FX trading losses and a deterioration in UK profitability (2004). "With this in mind, we note that CBA traded at an average premium of ~4 per cent from 2001 to 2003.