From asic.gov.au: ASIC has imposed additional conditions on Macquarie Bank Limited’s financial services licence due to multiple significant compliance failures in its futures dealing and OTC derivatives trade reporting, some of which were undetected for years.

The bank must prepare a remediation plan, appoint an independent expert to assess the plan’s adequacy, and evaluate the effectiveness of its remedial actions.

ASIC expressed concern over Macquarie’s recurrent failures caused by ineffective supervision and weak compliance management, emphasizing the need for comprehensive remediation efforts.