ANZ Hit with Record $160 Million Fine by Australian Regulator
SYDNEY, Australia – September 15, 2025 – Australia’s financial regulator, the Australian Securities and Investments Commission (ASIC), announced Monday a record A$240 million ($159.5 million USD) fine against ANZ, one of the nation’s “big four” banks, for widespread misconduct.This marks the largest penalty ever levied by ASIC against a single entity.
The fine stems from a range of offenses, including acting “unconscionably” in the management of a A$14 billion bond deal with the Australian government. ANZ was also penalized for failing to adequately respond to hundreds of customer hardship notices, making false or misleading statements regarding savings interest rates, and failing to refund fees charged to deceased customers.
“Time and time again ANZ betrayed the trust of Australians,” stated Joe Longo, chair of ASIC. “Banks must have the trust of customers and government. This outcome shows an unacceptable disregard for that trust that is critical to the banking system.”
ASIC Deputy Chair Sarah Court echoed this sentiment,saying,”As one of Australia’s biggest banks,customers trusted ANZ to do the right thing but,even on the basics like paying the correct interest rate,it fell short.”
The declaration comes as ANZ navigates a period of restructuring, having announced last week plans to cut over 3,500 staff by September of next year, a move expected to cost over A$500 million.
ANZ Chairman Paul O’sullivan confirmed the bank’s agreement to the fines,acknowledging,”the reality is we made mistakes that have had a notable impact on customers.” He issued an apology on behalf of ANZ, stating the bank has “taken the necessary action, including holding relevant executives accountable.”
CEO Nuno Matos added, ”The failings outlined are simply not good enough and they reinforce the case for change.”
