One of Australia's largest banks has agreed to pay a record $160 million in penalties for corporate misconduct. The penalties announced Monday against ANZ involve misconduct affecting almost 65,000 customers and the federal government. The Australian Securities and Investments Commission and ANZ will ask a federal court to endorse the penalties for four separate prosecutions. The fines would set a new record for corporate misconduct penalties in Australia. ANZ has admitted to failing to refund charges to deceased customers and not responding to customer hardship notices. ANZ CEO Nuno Matos has pledged improvements to customer care.
