(Reuters) – Australia’s regulator said on Friday it had raised capital requirements for lender ANZ Group to A$750 million ($502.73 million) amid growing concerns about the bank’s management of non-financial risks.

In a move that underscores ongoing regulatory concerns about ANZ’s risk management practices, Australia’s Prudential Regulation Authority had already ordered an A$500 million operational risk capital increase for the bank in 2019, citing deficiencies in its risk management framework.

This regulatory development follows a turbulent period for Australia’s fourth-largest bank, which recently suspended several traders from its markets division following allegations of misconduct following reports of alleged misrepresentations by bank staff in government bond trading.

“While ANZ has initiated a number of investigations into these matters, these matters raise regulatory concerns that ANZ has not adequately addressed deficiencies in controls, risk culture, governance and accountability,” the regulator said in a statement.

(1 US dollar = 1.4919 Australian dollars)

(Reporting by Roushni Nair in Bengaluru; Editing by Mohammed Safi Shamsi)