ANZ will pay a record $240 million penalty after admitting to widespread misconduct, including misleading the government, charging fees to deceased customers, and ignoring hardship pleas from vulnerable clients.

ASIC Chair Joe Longo said the penalty, the largest the regulator has ever announced against a single company, reflects the gravity of ANZ’s repeated failures.

“There are fundamental issues with ANZ’s risk and compliance culture that need urgent action from the Board and executives,” he said.

“Time and time again, ANZ betrayed the trust of Australians.

“The total penalties across these matters are the largest announced by ASIC against one entity and reflect the seriousness and number of breaches of law, the vulnerable position that ANZ put its customers in and the repeated failu

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