Australia's financial watchdog fined Westpac Banking Corp and two of its un...
FILE PHOTO: A man walks past a Westpac bank branch in Sydney, Australia April 20, 2018. REUTERS/Edgar Su/File Photo
The Australian Prudential Regulation Authority said Westpac and its units will have to pay a fine of A$1.5 million , the maximum payable for the breach. “APRA wants to send a strong message to industry that compliance with our reporting standards is mandatory, and cannot be considered secondary to other business priorities,” APRA Deputy Chair John Lonsdale said.
Westpac, in an emailed statement, said it now has processes in place to deliver all required data by the APRA on time and it “regrets” not doing so in the incidents mentioned.
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