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ANZ fined A$240m after admitting to engaging in unconscionable conduct

Australia & New Zealand Banking Group Ltd. (ANZ) signage is seen at a central business district branch in Sydney, Australia.
Photo: Lisa Maree Williams/Getty Images

Martina Lindberg

5 min read
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This is the biggest combined penalty on one entity issued by the ASIC, and reflects “the seriousness and number of breaches of law.”

Australia and New Zealand Banking Group Limited (ANZ) has received a record combined penalty of A$240m ($160m) for widespread misconduct which occurred over many years.

The Australian Securities & Investments Commission (ASIC) found that ANZ engaged in unconscionable conduct in services it provided to the Australian Government, including reporting

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