Apac Business Headlines
With an aim to strengthen its data and analytics capability, Australia and New Zealand Banking Group (ANZ), one of the largest lenders by market capitalization in Australia, has implemented Google Cloud, a suite of cloud computing services from US-based technology company Google.
As per the lender, the partnership is anticipated to accelerate the delivery of data-driven business information to its Institutional Customers.
The partnership comes after the lender opened some of its ATMs for accepting cash withdrawals through smartwatches and smartphones, as well as fostering Atlassian's range of software.
The announcement from the banking major follows as a report from the Australian Securities and Investments Commission outlined a severe delay in financial institutions reporting a considerable infringement calling lenders to find a solution for this by augmenting its data collection as well as the operation of their business operations and compliance IT systems.
The report also found out that ANZ along with Westpac, the National Australia Bank (NAB), and the Commonwealth Bank of Australia (CBA) are taking an average of 150 days to probe into and report the infringement to the Australian Securities and Investments Commission.
The law has made it mandatory for all lenders and financial institutions to have a process in place that can efficiently spot infringements and then lodge a report of considerable breaches to the Australian Securities and Investments Commission within 10 business days of identifying them. Non-compliance with the law will result in a criminal offense.
The Australian Securities and Investments Commission wrote in its report that the instances of non-abiding to the 10 business days reporting of any identified infringements or discrepancies are unacceptable, especially when as per law it is necessary to report as soon as practicable, however, not more than 10 business days from the identification of the infringements.
The key lenders also took an average of 1,726 days to find out an incident that was later found out to be a considerable infringement.
The Australian Securities and Investments Commission also discovered that some of the IT systems deployed by lenders and financial institutions had limited search functionality as well as an inconsistent approach to reporting information over several databases, thereby slowing down the identification and probe into several numbers of considerable infringements.
The report from the Australian Securities and Investments Commission comes after Commonwealth Bank of Australia entering into an accord with Austrac in June this year to conclude civil proceedings started in August last year.