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ANZ Group Holdings Ltd (ASX:ANZ) will pay about A$240 million ($160 million) to Australia’s securities regulator after admitting to multiple compliance breaches, including misconduct in bond trading. The settlement with the Australian Securities and Investments Commission (ASIC) covers five separate investigations into the bank’s Australian Markets and Retail divisions, making it one of the largest penalties imposed by the regulator.
The biggest case involved ANZ’s role in a A$14 billion government bond issuance in April 2023. The bank was found to have sold large volumes of 10-year bond futures around the pricing period, causing sharp declines in bond values. ANZ also admitted to providing the government with inaccurate monthly bond turnover data for nearly two years.
Chairman Paul O’Sullivan acknowledged the misconduct, stating the bank had made “mistakes that have had a significant impact on customers.” Beyond trading violations, ASIC also penalized ANZ for customer service failures. Between 2013 and 2024, the bank failed to pay bonus interest to many new account holders. Additionally, between 2019 and 2023, ANZ charged ongoing fees to thousands of deceased customers.
The settlement adds to at least 11 civil penalties already brought against ANZ since 2016, further denting the reputation of Australia’s fourth-largest bank. The fine comes as ANZ undergoes a major restructuring under new CEO Nuno Matos, who recently announced 3,500 job cuts. Matos said the regulatory probes highlight the need for cultural and operational change, emphasizing measurable improvements to rebuild trust, strengthen compliance, and protect customers.
With one of the heaviest fines in ASIC’s history, ANZ now faces mounting pressure to reform its practices and restore confidence among investors, regulators, and customers.
