Australian bank ANZ agrees to pay record $160M penalty for corporate misconduct

Core Viewpoint - ANZ Bank has agreed to pay a record penalty of 240 million Australian dollars ($160 million) for corporate misconduct affecting nearly 65,000 customers and the federal government [1][2]. Group 1: Penalties and Regulatory Actions - The penalties represent the largest amount ever imposed on a single entity for corporate misconduct by the Australian Securities and Investments Commission (ASIC), surpassing the previous record of AU$113 million ($75 million) against Westpac in 2022 [2]. - ASIC will seek court endorsement for the penalties related to four separate prosecutions against ANZ [1][2]. Group 2: Nature of Misconduct - ANZ admitted to failing to refund charges to thousands of deceased customers and neglecting hundreds of customer hardship notices, in some cases for over two years [3]. - The bank made false and misleading statements regarding savings interest rates and failed to pay the promised interest to tens of thousands of customers [4]. - ANZ acted unconscionably while managing AU$14 billion ($9.3 billion) in bonds over two years, impacting the Australian government [4]. Group 3: Management Response - ANZ's new CEO, Nuno Matos, expressed expectations for "measurable improvements" in customer care as a response to the misconduct [4]. - Matos acknowledged that the outlined failings are unacceptable and emphasized the need for change within the organization [5].