Enforceable undertakings accepted from Westpac and ANZ to address inadequacies within their wholesale FX businesses
The Australian Securities and Investments Commission (ASIC) announced it has accepted enforceable undertakings from Westpac Banking Corporation and Australia and New Zealand Banking Group Limited in relation to the banks' wholesale foreign exchange businesses.
As a result of ASIC's investigation, ASIC is concerned that between 1 January 2008 and 30 June 2013, both banks failed to ensure that their systems and controls were adequate to address risks relating to instances of inappropriate conduct identified by ASIC.
ASIC Commissioner Cathie Armour said, "The foreign exchange market is a systemically important market that depends on all participants acting with integrity and fairness. ASIC is committed to ensuring that major financial institutions have the systems in place to ensure that financial services are provided fairly, honestly and efficiently."