The Australian Prudential Regulation Authority (APRA) has announced that it has fined BNK Banking Corporation Limited (BNK) $247,500 for failing to meet its legal obligations to report data to APRA.

APRA says BNK breached the requirements of the Financial Sector (Collection of Data) Act 2001 by failing to report data by the required deadlines. BNK was 32 days late in filing statistical reports for the month ending 28 February 2023 under the Economic and Financial Statistics program.

APRA collects data to confirm that regulated financial institutions are meeting minimum prudential
requirements; and to identify and manage emerging risks.

APRA noted that notwithstanding BNK’s breach of data requirements, BNK was able to provide sufficient reporting to allow APRA to ensure that the organisation continued to remain prudentially sound over the period.

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Author: David Jacobson
Principal, Bright Corporate Law
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The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.