APRA takes action to address material liquidity breaches by ING Australia
ING Australia misreported its Liquidity Coverage Ratio for years, with the true figure sometimes below the 100% minimum under APS 210. APRA imposed a $50m operational risk capital add-on plus independent review and remediation conditions.
What it means for business
Consider independently validating the calculation logic behind key prudential metrics such as LCR before APRA asks.
What does this mean for your business?
If this development touches your contracts, compliance or reporting, it may be worth a short conversation. Get in touch through our contact page and a senior lawyer will reply within one business day.
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