ANZ agrees to enforceable undertaking with ASIC

Australia and New Zealand Banking Group Limited ABN 11 005 357 522
News Release
For release: 15 March 2017

ANZ agrees to enforceable undertaking with ASIC
covering wholesale Spot FX trading

ANZ today confirmed it has entered into an enforceable undertaking with the Australian
Securities and Investments Commission (ASIC) following an industry-wide review of Spot
Foreign Exchange trading between January 2008 and June 2013.

ANZ Chief Risk Officer Nigel Williams said: “ANZ has cooperated fully with ASIC’s
investigation on this matter and we accept that during this period aspects of our supervision
and monitoring of the Spot FX business were not good enough. We have taken
responsibility and we apologise.

“There has been a cultural and compliance step change in our Markets business since 2013.
While we are always looking at ways to strengthen our compliance environment, there have
been major improvements to compliance, training and monitoring systems in recent years
which will go a long way toward ensuring this does not happen again,” Mr Williams said.

As part of the enforceable undertaking, an independent expert will be appointed to assess
and review relevant systems and controls within ANZ’s Markets business and ANZ will make
a $3 million contribution to Financial Literacy Australia.


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