News: ANZ ANZ Says Agreed To A$15 Million Civil Penalty And To Pay ASIC's Costs

Sept 26 (Reuters) - ANZ Group (ANZ) :

• HAS ALSO AGREED TO A$15 MILLION CIVIL PENALTY AND TO PAY ASIC'S COSTS
• COURT APPROVES ANZ AND ASIC SETTLEMENT-AN3,ANZ
• FEDERAL COURT OF AUSTRALIA HAS APPROVED ITS AGREEMENT WITH AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
• PROCEEDING RELATED TO A SITUATION WHERE FUNDS WERE DEPOSITED TO A CREDIT CARD ACCOUNT AND DISPLAYED AS AVAILABLE
• APPROVED TO RESOLVE COURT ACTION RELATING TO FEES AND INTEREST CHARGED FOR CREDIT CARD CASH ADVANCES MADE IN SOME CIRCUMSTANCES.
• FINANCIAL IMPACT OF CIVIL PENALTY, ASIC'S COSTS AND REMEDIATION ARE COVERED BY EXISTING PROVISIONS
• ANZ HAS COOPERATED WITH ASIC DURING THIS PROCESS AND HAS COMPLETED ITS REMEDIATION PROGRAM FOR PERIOD OF ASIC ACT CONTRAVENTIONS
• ACCEPTS RESPONSIBILITY FOR WHAT HAS OCCURRED AND APOLOGISES TO ITS CUSTOMERS, HAS ADDRESSED ISSUES THAT GAVE RISE TO CONTRAVENTIONS
• PROCEEDING RELATED TO A SITUATION WHERE A CASH ADVANCE WAS MADE ON THAT ACCOUNT BEFORE FUNDS WERE PROCESSED

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