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APRA repeatedly warned ANZ on risk and culture failings, letters show

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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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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/apra-repeatedly-warned-anz-on-risk-and-culture-failings-letters-show-20240908-p5k8rd