ANZ (ANZGY) Agrees to AU$240M Penalty Settlement with ASIC

Core Insights - ANZ Group Holdings Limited has reached a settlement with the Australian Securities and Investments Commission (ASIC) to resolve five regulatory investigations, agreeing to pay AU$240 million in penalties [1][2]. Group 1: Settlement Details - The penalties include AU$85 million for actions as duration manager during a 2023 10-year Treasury Bond issuance [2]. - ANZ will pay AU$40 million for submitting inaccurate bond turnover data and making misleading attestations to authorities [2]. - AU$40 million is allocated for failures related to interest payments and posting correct rates on certain Online Saver accounts [2]. - The bank will also pay AU$40 million for not meeting obligations in handling customer hardship notices [2]. - Additionally, AU$35 million is for breaches in managing deceased customer estates [2]. Group 2: Company Response - ANZ Chairman Paul O'Sullivan acknowledged mistakes and apologized to impacted customers, confirming accountability measures for executives, including remuneration reductions [3]. - CEO Nuno Matos emphasized the need for measurable improvements to better protect customers and create a more sustainable business [3]. Group 3: Company Overview - ANZ Group Holdings Limited is one of Australia's largest banking and financial services institutions, offering retail, commercial, and institutional banking across more than 30 markets [3].