The Australian Securities and Investment Committee (ASIC) imposed additional conditions on the Australian financial services license for Macquarie Bank, after what the organizer described as “multiple and important compliance failures.”
Asik added that one of the compliance failures was not discovered for more than a decade.
It relates to future MacQuarie trade reports and derivatives of commercial reports that do not need a prescription (OTC).
ASIC requires the bank to develop a treatment plan, appoint an independent expert to review the plan and evaluate the effectiveness of treatment in preventing compliance violations in the future.
“Our intervention emphasizes our concern about the repeated nature of Macquarie’s failure, which was caused by ineffective supervision, poor compliance and control,” said Commissioner Simone Constant.
The constant added that the Additional licensing conditions are “an important administrative procedure to ensure macquarie processing comprehensively on ASIC’s concerns”, and that “it cannot be a repair of the piece or other aid.”
Asic was martyred “bad change management practices, uninterrupted roles and responsibilities, and an incomplete understanding of their operations and controls” as major issues.
The organizer noted the abuse of more than 375,000 transactions derived from OTC and its failure to prevent suspicious trading activity in the ASX24 market.
One incident included 11 suspicious requests in the electrical futures market, shortly after the ASIC is already punishing the bank of $ 4.995 million in September 2024 for similar misconduct.