The financial services regulator has fined BNK Banking Corporation $247,500 after the Perth-based digital bank breached its data reporting obligations.
The financial services regulator has fined BNK Banking Corporation $247,500 after the Perth-based digital bank breached its data reporting obligations.
The Australian Prudential Regulation Authority (APRA) fined the bank after it breached the requirements under the Financial Sector Act 2001 by failing to report data by the required deadlines.
BNK filed its statistical reports 32 days late for the month of February under the economic and financial statistics program, according to APRA.
The ASX-listed bank, previously known as Goldfields Money, provides digital banking services and has a sole office on St Georges Terrace.
The national regulator issued 18 infringement notices in relation to the overdue submission of the reporting forms, according to an ASX statement from BNK.
APRA member Therese McCarthy Hockey said by issuing the fine they wanted to send a clear message to industry of the importance of submitting data on time.
“We expect all entities to be compliant with our reporting standards to ensure APRA always has the most up-to date information on the industries we regulate,” she said.
“Access to accurate and timely data is critical for APRA to effectively monitor the safety and stability of Australia’s banking, insurance and superannuation systems.”
BNK chief executive Allan Savins said the company was facing technical issues preventing them from submitting the data on time.
“BNK regrets that a technical issue with its core banking platform prevented it from generating the internal information needed for APRA’s monthly ADI statistics on time,” he said.
“This means BNK was delayed in submitting its February 2023 reporting forms to APRA.
“We informed APRA as soon as we became aware of the issue in February and dedicated substantial resources to resolve the issue and submit the outstanding reporting forms.”
Mr Savins said the bank had met all its repoting obligations in the subsequent months.
BNK has until August 1 to pay the $247,500 fine.
The bank shares last changed hands at 47.5 cents a piece at 10:46AM AWST.
