ANZ Hit โwithโค 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 millionโค USD) fine against ANZ, one โof the nation’s “big four” banks, for widespread misconduct.This marks โthe largest penalty ever levied by ASIC โagainst a single entity.
The fine stemsโข from a range of offenses, including acting “unconscionably” in the management of โa A$14 billion bond dealโ with the โฃAustralian government. ANZโฃ was also โฃpenalized for failing to adequately respondโ to hundreds of customer hardship notices, making โคfalse or misleading statements regarding savings โinterest rates, and failing to refund feesโ charged to deceased customers.
“Time and time again ANZ betrayed the trust of Australians,” โstated Joe Longo,โข chair ofโฃ ASIC. “Banks must โhave the trust of customers and government.โค This outcome โshows anโค unacceptable disregard for that trust that is critical to โthe banking system.”
ASICโ Deputy Chairโข Sarah Court echoed this sentiment,saying,”As โคone of Australia’s biggest banks,customers trusted ANZ to do the right thing but,evenโข on the basics like payingโ the correct interestโฃ rate,it fell short.”
The declaration comes as ANZ navigates โa period of restructuring, having announcedโ last week plans to cut over 3,500 staff byโค September of next year, a moveโฃ expected to cost over A$500 million.
ANZ Chairman Paul O’sullivan confirmed the bank’s agreementโ to the fines,acknowledging,”the reality is weโฃ made mistakesโข that have had โa notable impact on customers.” He issued an โapology โฃon behalf of ANZ, stating theโข bank has “taken โthe necessary โaction, including holding relevant executives accountable.”
CEO Nuno Matos added, โค”The failings outlined are simply not good โenough and they reinforce the case for change.”