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Will Bank of Queensland (ASX: BOQ) be able to address deficiencies in its risk culture?

Fri 14 Jul 23, 01:04 PM |

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Bank of Queensland Limited (ASX: BOQ) is an Australian regional bank and has been in business since 1874. BOQ has over 160 branches in Australia, and most branches are managed by local owner-manager. Virgin Money Australia, BOQ Specialist, BOQ Finance and ME Bank are the companies through which BOQ operates.

Internal and external reviews by the banking company had identified deficiencies in risk culture and governance, operational resilience and anti-money laundering and counter-terrorism financing program. To address these issues, BOQ has entered into enforceable undertakings with AUSTRAC (Australian Transaction Reports and Analysis Centre) and APRA (Australian Prudential Regulation Authority).

APRA has asked the company to undertake an adjustment to its minimum capital requirements. The requirement is to add AUD 50 million to the operational risk capital requirement. BOQ shared that capital adjustment is expected to impact the Level 2 common equity tier 1 (CET1) ratio.

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