ANZ Group has agreed to pay a record A$240 million ($159.5 million) in penalties for systemic failures, including unconscionable conduct in a government bond deal and charging fees to deceased customers. The bank announced 3,500 job cuts last week as it works to improve profitability. ASIC has brought 11 civil penalty proceedings against ANZ since 2016, totaling over A$310 million in penalties. ANZ Chair Paul O’Sullivan acknowledged the bank’s wrongdoing and vowed significant operational changes. ANZ shares closed 0.6% lower on Monday, with the latest settlement resolving five investigations into bond issuance conduct.

ANZ’s trading behavior cost the government about A$26 million during a government bond issuance, leading to the largest-ever penalties imposed on a single entity by the Australian corporate regulator. The bank did not agree on the total cost to the government but offered to repay A$10 million it would have earned on the deal. ANZ has not participated in a government deal since the incident over two years ago. Treasurer Jim Chalmers’ spokesperson emphasized the importance of companies following laws or facing consequences. The Finance Sector Union plans to lodge a claim against ANZ for its 3,500 job cuts.

Read more at Yahoo Finance: Australia’s ANZ to pay $160 million over bond deal, customer violations