ANZ Group Slapped with $250M Fine for Misconduct in Bond Deal

ANZ Group has been fined A$250 million by an Australian court for misconduct related to a A$14 billion government bond deal and other actions affecting taxpayers and customers. The penalties cover various misdeeds, including inaccurate bond market reporting, emphasizing the need for urgent reforms.

ANZ Group has been ordered to pay a staggering A$250 million fine by a Federal Court for its involvement in misconduct related to a A$14 billion government bond deal, as well as actions impacting taxpayers and retail clients.

The hefty penalty comes from four separate court proceedings across ANZ's institutional and retail banking sectors. A significant portion of the fine, A$135 million, pertains to market and institutional misconduct, and includes a record-breaking A$80 million penalty for unconscionable conduct within the bond markets.

ASIC Chair Joe Longo emphasized the importance of the penalties, which underline the gravity of ANZ's violations. Longo called for the bank to urgently revise its non-financial risk management strategies and to focus on the interests of customers and the public.

(With inputs from agencies.)