The Federal Court has mandated Australia and New Zealand Banking Group Limited (ANZ) to pay a total of USD 250 million in penalties.
ANZ’s Misconduct
According to the court, ANZ engaged in widespread misconduct and faced systemic risk failures affecting the Australian Government, taxpayers, as well as at least 65,000 retail bank customers.
These penalties represent the largest combined fines ASIC has imposed on a single entity.
Details of Penalties
- USD 135 million in penalties for institutional and market misconduct related to the management of a USD 14 million government bond deal and inaccurate reporting of secondary bond market turnover data to the Australian Government, including a USD 80 million penalty for unconscionable conduct;
- USD 40 million for failing to respond adequately to customer hardship notices and not having appropriate procedures in place;
- USD 40 million for making misleading statements about savings interest rates, leading to customers not receiving the promised rate of interest;
- USD 35 million for not refunding fees charged to deceased customers and failing to handle families dealing with estates within the required timeframe.
ASIC Chair Joe Longo stated that these penalties highlight the severity of ANZ’s actions and their impact on government, taxpayers, and customers. He also noted that the financial institution needs to address its non-financial risk management and prioritize client interests.
ANZ acknowledged its misconduct in September 2025 and, with ASIC, requested penalties of USD 240 million. His Honour Justice Jonathan Beach recognized ANZ’s cooperation by admitting to its actions promptly and allowing for these proceedings to proceed.
