ANZ bank faces a massive $240 million fine over a litany of failures the corporate watchdog has labelled “unconscionable” and a “betrayal” of many Australians’ trust.

The Australian Securities and Investments Commission and ANZ on Monday agreed to a hefty penalty over four matters at the bank.

It marks the largest fine a company will pay after being targeted by the corporate watchdog to “reflect the seriousness and number of breaches of law”, ASIC chair Joe Longo said in a statement.

“Time and time again ANZ betrayed the trust of Australians,” Mr Longo said.

ANZ will pay a $125 million fine for its conduct with the Federal government while managing a $14 billion bond deal and incorrectly reporting bond trading data.

The corporate watchdog said the bank acted “unconscionably” when mana

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