ANZ Bank has consented to pay $240 million in penalties to resolve five distinct misconduct claims filed by the Australian Securities and Investments Commission (Asic). Asic described this as its largest ever penalty, asserting that the amount reflects the gravity of the widespread misconduct. These proposed penalties are subject to approval by the federal court. An ANZ chair issued an apology regarding the bank’s misconduct, stating, “We made mistakes.” In response to the admissions, an individual identified as Longo critically remarked that ANZ has repeatedly “fallen short” and “betrayed the trust of Australians,” leading to questions about public confidence in the institution.
Source: www.theguardian.com