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Westpac, 2 units fined for failure to meet reporting requirements

The Australian Prudential Regulation Authority imposed a cumulative penalty of approximately A$1.5 million on Westpac Banking Corp. and two of its units for their failure to report data to the regulator in time, according to an Aug. 8 statement.

The regulator issued infringement notices to Westpac and units, St George Finance Holdings Ltd. and Capital Finance Australia Ltd., for not meeting the required deadlines to report data. It said Westpac was up to 20 days late in filing its report for March under the Economic and Financial Statistics program, while the two units missed the May 1 deadline by up to 37 days.

Further, the three companies were late between nine to 28 days in filing their reports for the quarter ended March 31 by the May 10 deadline.

The companies have until Sept. 6 to pay the fines, APRA added.