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The Australian Securities and Investments Commission (ASIC) has fined ANZ $160 million USD over widespread culture and conduct failings.

"Time and time again ANZ betrayed the trust of Australians," said 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 ... There are fundamental issues with ANZ's risk and compliance culture that require the Board's and executives' urgent attention."

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