BNK Banking Corporation Limited (ASX:BBC) has agreed to pay a penalty of AU$247,500 to the Australian Prudential Regulation Authority (APRA) due to the late submission of its economic and financial statistics reporting forms for February 2023. The company acknowledges its failure to comply with the required reporting standards under the Financial Sector (Collection of Data) Act 2001. BNK received a total of 18 infringement notices from APRA regarding the overdue submission.
BNK's CEO, Allan Savins, expressed regret over a technical issue with the core banking platform that prevented the generation of internal information necessary for APRA's Monthly ADI Statistics on time. The issue caused a delay in submitting the February 2023 reporting forms. However, the company promptly informed APRA and allocated significant resources to resolve the problem and submit the outstanding forms. BNK assures APRA and other stakeholders that the rectification work has been completed and emphasizes that it has fulfilled all reporting obligations for subsequent months.
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