(Adds background, details on third director, share movement, changes slug)
Sept 4 (Reuters) - Commonwealth Bank of Australia CBA.AX announced a major board reshuffle on Monday following allegations it allowed thousands of breaches of anti-money laundering a terror financing rules through its accounts.
Directors and audit committee members Launa Inman and Harrison Young would step down on Nov. 16, while a third board member, Andrew Mohl, would leave after one more year in the job, Australia's biggest bank said in a statement.
Robert Whitfield had been appointed as an independent non-executive director of the board effective immediately.
CBA shares were down 1.5 percent in morning trade, touching their lowest in nine months, compared with a 0.6 percent dip on the Australian benchmark index .AXJO .
The bank confirmed on Friday that its internal reporting had flagged shortcomings in its monitoring of offshore transactions as early as February, well before Australia's financial intelligence agency launched a civil case against it on Aug. 3. stock is down about 10 percent since the AUSTRAC agency filed its suit alleging massive breaches of anti-money laundering and terror financing rules, wiping roughly A$14 billion ($11.14 billion) off the company's market capitalisation.
The AUSTRAC case has triggered a landslide of bad news for CBA, with two other Australian regulators subsequently launching investigations and a law firm threatening to file a class action on behalf of shareholders.
($1 = 1.2563 Australian dollars)