Report damns NAB’s internal controls while regulator demands changes
Melbourne -- National Australia Bank’s (NAB) currency options desk will remain closed until it has satisfied requirements issued by its regulator in a damning report released in mid-March.
The Australian Prudential Regulation Authority (Apra) has given NAB a deadline of April 30 to come up with a formal policy on risk limits, which were routinely breached by the four foreign exchange traders that lost the bank A$360 million ($280 million). NAB must also finalise the "key staff changes" that followed the PricewaterhouseCoopers report it commissioned into the scandal, and show
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