APRA repeatedly warned ANZ on risk and culture failings, letters show
The prudential regulator repeatedly warned ANZ executives that they had not addressed major cultural issues and had no clear plan for managing risks – failures which ultimately led it to force the bank to set aside hundreds of millions of dollars as a financial safety net this year.
The Australian Prudential Regulation Authority outlined its concerns in two letters sent in 2022 and 2023 to ANZ, one of the country’s largest banks.
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