ANZ Bank has agreed to pay a record fine of A$240 million after admitting to various forms of misconduct that occurred “over many years”.
Announced on Monday, the fine marks the culmination of a major investigation by Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), into multiple allegations of misconduct across the bank’s retail and institutional divisions.
This penalty still requires approval from the Federal Court. But if it seems an eye-watering sum, that’s because it is the largest fine ASIC has ever sought against a single company.
