SYDNEY, April 3 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has accepted a Court Enforceable Undertaking (CEU) from Australia and New Zealand Banking Group (ANZ) to address ongoing weaknesses in the bank's non-financial risk management practices and risk culture.
APRA has also increased the capital add-on applied to ANZ from $750 million to $1 billion. This comes afterAPRA last yearincreased the $500 million operational risk capital add-onapplied in 2019 by $250 million.
APRA has had long-standing concerns over ANZ's non-financial risk management practices and risk culture. These include weaknesses in ANZ's operational risk and compliance manageme...