ASIC - Australian Securities & Investments Commission

ANZ's $160 million fine for rule breaches is latest in series of missteps Australia and New Zealand Banking Group Limited (ANZ) has admitted to widespread misconduct and agreed to pay A$240 million in penalties. The misconduct includes overstating bond trading volumes by tens of billions of dollars, affecting a $14 billion bond deal with the Australian Government, and failing to address nearly 65,000 customer issues across multiple products and services. Penalties include $125 million for institutional misconduct and $115 million for retail violations. ANZ's failures include inadequate response to customer hardship, misleading interest rate promotions, and charging fees to deceased customers. The Federal Court will determine the penalties' appropriateness.