Joe Longo, Chair of the Australian Securities and Investments Commission (ASIC), has warned ANZ to avoid repeating past misconduct after the bank was fined a record $160 million for compliance failures, as reported by Bloomberg.
"It's an opportunity for [ANZ CEO Nuno Matos] and his team to say, well, this has been a dark day for ANZ," Longo said in an interview. The regulator's probe uncovered overstated bond trading volumes, misleading savings rate claims, and failures affecting about 65,000 customers. There was "a very serious departure from what an institution of its standing should have been doing, a real betrayal of trust," Longo said.
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