The Federal Court has imposed $15 million in fines against ANZ Bank
(ASX:ANZ) and Macquarie Bank for attempting to act as a cartel.
Both banks admitted that their traders had communicated with other banks in an attempt to influence the benchmark rate for the Malaysian ringgit.
ACCC Chairman Rod Sims said this conduct was serious, and had “the potential to undermine the integrity of foreign exchange markets and undermine healthy economic growth”.
The Court ordered ANZ to pay $9 million for 10 contraventions, and Macquarie Bank to pay $6 million for eight contraventions.
Both banks were also ordered to pay $200,000 each to cover the costs of the ACCC, who brought the case against them.
ANZ posted a net profit of $5.7 billion at 30 September 2016.
