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Westpac fined over reporting failures

ASIC has fined Westpac $127,250 for failing to correctly report information about more than 100,000 over-the-counter derivatives transactions.

Westpac has paid $127,250 to comply with an infringement notice issued by ASIC in relation to OTC derivatives transactions between 2 October 2013 and 30 April 2015.

The bank agreed with ASIC that it failed to report information about 112,556 reportable transactions as required by the ASIC rules.

The infringement notice identifies 398 alleged contraventions of subrule 2.1.1(1), equating to one alleged contravention for each business day during the relevant period.

Westpac's failure to correctly report the information comes despite a "significant program of work" by the bank to address flaws in its reporting processes, said ASIC.

The bank's payment of the infringement notice is not an admission of guilt or liability, said the regulator.

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