ANZ Banking Group
(ASX:ANZ) has announced it has reached an agreed settlement with the ACCC in relation to conduct associated with Non-Deliverable Forward FX contracts for the Malaysian Ringgit, undertaken in Singapore during 2011.
ANZ has acknowledged three employees based in Singapore engaged in conduct that contravened Australia’s Competition and Consumer Act.
The employees involved are no longer with the bank.
ANZ has agreed the employees unsuccessfully attempted to influence the setting of benchmark rates used to settle NDF contracts for the Malaysian Ringgit on 10 occasions in 2011.
The bank has agreed to a $9 million penalty that remains subject to court approval.
ANZ Banking Group reported a net profit of $5.72 billion at 30 September 2016.
