APRA fines BNK for failing to meet data reporting requirements
The Australian Prudential Regulation Authority (APRA) has fined BNK Banking Corporation Limited (BNK) $247,500 for failing to meet its legal obligations to report data to APRA.
BNK breached the requirements of the Financial Sector (Collection of Data) Act 2001 (FSCODA) 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 Member Therese McCarthy Hockey said that by issuing the fine, APRA wanted to send a clear message to industry of the importance of submitting data on time.
“We expect all entities to be compliant with our reporting standards to ensure APRA always has the most up-to date information on the industries we regulate.
Access to accurate and timely data is critical for APRA to effectively monitor the safety and stability of Australia’s banking, insurance and superannuation systems,” Ms McCarthy Hockey said.
Ms McCarthy Hockey noted that notwithstanding BNK’s disappointing 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.
BNK has until 1 August to pay the fine.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.