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BRIEF-APRA Serves Infringement Notices To Westpac And Two Of Its Units

Published 08/08/2019, 03:42 pm
Updated 08/08/2019, 03:50 pm
© Reuters.  BRIEF-APRA Serves Infringement Notices To Westpac And Two Of Its Units
PRU
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Aug 8 (Reuters) - Australian Prudential (LON:PRU) Regulation Authority:

* SERVED INFRINGEMENT NOTICES ON WESTPAC AND 2 OF ITS UNITS

* SERVED INFRINGEMENT NOTICES FOR FAILING TO MEET THEIR LEGAL OBLIGATIONS TO REPORT DATA TO APRA.

* WESTPAC WAS UP TO 20 DAYS LATE IN FILING ITS REPORTS FOR MONTH ENDING 31 MARCH 2019 WHICH WERE DUE ON 1 MAY

* APRA HAS SERVED INFRINGEMENT NOTICES ON WESTPAC AND TWO UNITS FOR FAILING TO MEET THEIR LEGAL OBLIGATIONS TO REPORT DATA TO APRA

* APRA REQUIRES WESTPAC ENTITIES TO PAY A CUMULATIVE PENALTY OF $1.5 MILLION

* APRA SENT SHOW CAUSE NOTICES TO WESTPAC ENTITIES ON 22 JULY SEEKING THEIR RESPONSES TO APRA'S INTENTION TO SERVE THEM WITH INFRINGEMENT NOTICES

* WESTPAC ENTITIES HAVE UNTIL 6 SEPTEMBER TO PAY THE FINES IMPOSED BY THE INFRINGEMENT NOTICES

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