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Bendigo and Adelaide Bank Agrees to Proposed AU$8 Million APRA Penalty Over Banking Act Breaches

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Bendigo and Adelaide Bank (ASX:BEN) acknowledged civil proceedings brought by the Australian Prudential Regulation Authority (APRA) over alleged contraventions of the Banking Act between 2020 and 2023, agreeing to a proposed AU$8 million penalty and AU$2.6 million in legal costs, subject to Federal Court approval, according to an Australian bourse filing on Monday after market hours.

The action relates to its former Alliance Bank business, following a March 2023 cybersecurity incident that compromised around 250 Service One Alliance Bank accounts and led to around AU$140,000 being misappropriated, per the filing.

The company said all affected customers were fully reimbursed, no other customers were impacted, and the affected systems have since been discontinued, with remediation completed, the filing added.

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