Westpac and ANZ Become Entrenched in FX Conduct Scandal

[kreslik.news]

The Australian Securities and Investments Commission (ASIC) identified two more banks that have failed to adhere to honorable practices in their FX business. The ANZ and Westpac, which are the fourth and the second largest in Australia, committed to address inadequacies within their wholesale FX businesses.

As a result of ASIC’s investigation, the banks have also pledged to give AUD 6 million to charity.

The wrongdoings at the Australian banks occurred between the 1st of January 2008 and the 30th of June 2013.

Commenting on the matter, ASIC Commissioner Cathie Armour said: “The foreign exchange market is a systemically important market that depends on ... (read more)