Regulatory Alerts2025-09-15
ASIC and ANZ seek $240 million penalties for widespread misconduct
The Australian Securities and Investments Commission has announced that ANZ admitted to widespread misconduct across its institutional and retail divisions, prompting a joint application to the Federal Court for $240 million in penalties. The allegations include unconscionable conduct and data manipulation regarding a $14 billion government bond deal, as well as systemic failures in handling customer hardship notices, paying promised bonus interest, and refunding fees to deceased customers. This enforcement action marks the largest penalty announced by ASIC against a single entity and follows a history of prior breaches, underscoring critical deficiencies in ANZ's risk management and compliance culture.
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