SYDNEY – The Australian Securities and Investments Commission (ASIC) has fined ANZ Group a record A$240 million (US$160 million). This is the largest penalty ASIC has ever imposed on a single entity.
The settlement ends several investigations into the bank. ASIC found that ANZ charged fees to deceased customers, denied promised benefits to new account holders, and manipulated pricing in a government bond deal.
ASIC Chair Joe Longo said ANZ had “time and time again betrayed the trust of Australians.” He stressed the regulator’s duty to act decisively when trust is broken.
Investigators revealed that ANZ charged thousands of deceased customers for four years. The bank lacked systems to identify and stop these charges. It also failed to pay bonus interest promised to new account holders for more than a decade. In the bond case, ASIC concluded that ANZ acted “unconscionably” and potentially cost taxpayers millions in funding for public services.
ANZ Chair Paul O’Sullivan admitted to the breaches. He apologized and pledged to compensate affected customers. The bank will also invest A$150 million this year to strengthen compliance and internal controls.
For regulators and registrars, the case shows the scale of consequences that can follow systemic compliance failures. The record penalty highlights ASIC’s current enforcement approach, which places emphasis on breaches that affect public trust and consumer protection.
The Australian Securities and Investments Commission (ASIC) is Australia’s corporate, markets, and financial services regulator. It enforces company and financial services laws to protect consumers, investors, and creditors, and plays a central role in maintaining fair and transparent markets.
