ANZ Bank Fined $250M for Misconduct

ANZ Group, a major Australian bank, has been fined a staggering $250 million by a Federal Court for misconduct in handling a $14 billion government bond deal and inaccurate reporting. The penalty, resulting from four court proceedings, includes a record $80 million for unconscionable conduct. ASIC Chair Joe Longo emphasizes the severity of ANZs actions, urging the bank to overhaul its risk management practices and prioritize customer interests.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.