Reported by Reuters

Bank of Queensland Ltd (BOQ.AX) said on Wednesday it had entered into separate undertakings with the country’s financial crime and prudential regulators to comply with anti-money laundering and counter-terrorism financing laws and address risk governance practices.

The court-enforceable undertaking accepted by the Australian Prudential Regulation Authority (APRA) follows several breaches of prudential standards in 2022 and 2023, and consequent review into the company’s risk culture, the regulator said in a separate statement.

The key terms of the undertaking submitted to the APRA include the preparation of a remedial action plan, which details all activities the bank is undertaking, and the appointment of an independent reviewer.

Read full report: https://www.reuters.com/business/finance/bank-queensland-pledges-comply-with-anti-money-laundering-laws-manage-risks-2023-05-30/