Macquarie Group's (ASX:MQG) Macquarie Bank unit is facing additional conditions imposed by the Australian Securities and Investments Commission (ASIC) on its Australian financial services license after alleged "multiple and significant" compliance failures, ASIC said in a statement Wednesday.

ASIC Commissioner Simone Constant said the failures were caused by "ineffective" supervision as well as "weak" compliance and control management.

This follows the identification or reporting of nine market conduct matters of concern in the last 18 months.

Macquarie Bank will be required to prepare a remediation plan to address the compliance failures in the futures dealing business and over-the-counter derivatives trade reporting functions and their root causes, and appoint an independent expert to review and report on the adequacy of the plan, ASIC said.

The expert will also assess the operational effectiveness of Macquarie's remediation activities to prevent, detect, and respond to similar issues.

Macquarie cooperated with ASIC throughout this process and has consented to the imposition of the additional license conditions, according to the regulator.

In a separate Wednesday statement, the bank said it will work constructively with the watchdog on the remediation measures, and it will continue to invest in a range of existing programs to strengthen its systems, controls, and supervisory measures.