ANZ Group will pay A$240 million ($159.5 million) in penalties—the largest ever against a single entity by Australia’s corporate regulator—for systemic misconduct, including charging deceased customers and acting “unconscionably” in a government bond deal.
The settlement, requiring Federal Court approval, resolves five investigations across ANZ’s markets and retail divisions, centered on trading during a A$14 billion bond issuance that pushed bond prices down and cost the government around A$26 million.
ANZ Chair Paul O’Sullivan apologized, acknowledging the bank let customers down, while ASIC Chair Joe Longo criticized the conduct as a breach of public trust, Reuters has reported.
The penalty adds to over A$310 million in fines ANZ has faced since 2016, as the bank navigates job cuts and tighter capital requirements under new CEO Nuno Matos.
