ASIC - Australian Securities & Investments Commission

ANZ Faces A$250 Million Penalties (about US$165 million) for Widespread Misconduct Issues. The Federal Court has ordered Australia and New Zealand Banking Group Limited (ANZ) to pay $250 million in penalties for widespread misconduct. This includes $135 million for institutional misconduct related to a $14 billion government bond deal and misreporting bond market data, $40 million for failing to address customer hardship notices, $40 million for misleading statements about savings interest rates, and $35 million for mishandling deceased customer estates. These are the largest combined penalties ASIC has secured against a single entity, highlighting the seriousness of ANZ's actions and the need for improved risk management and customer care.