January 18, 2018 / 3:23 AM / 5 months ago

BRIEF-ANZ Reaches Settlement With ASIC On Suspected Frauds Affecting Esanda Customers

Jan 18 (Reuters) - Australia And New Zealand Banking Group Ltd:

* SETTLEMENT ON SUSPECTED 3RD PARTY FRAUDS RE ESANDA CUSTOMERS

* ANZ HAS AGREED TO PAY A $5 MILLION FINE AS PART OF SETTLEMENT AND $390,000 OF ASIC’S COSTS

* ‍FILING JOINT COURT SUBMISSIONS WITH AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION​

* FILING ON AGREED SETTLEMENT FOR A NUMBER OF CASES WHERE CAR FINANCE BROKERS OR DEALERS ENGAGED IN SUSPECTED FRAUD

* SUSPECTED FRAUD WHEN SUBMITTING LOAN APPLICATIONS ON BEHALF OF CUSTOMERS TO ESANDA BETWEEN 2013 AND 2015.

* ‍ACKNOWLEDGED IT DID NOT TAKE REASONABLE STEPS TO VERIFY CUSTOMERS’ FINANCIAL SITUATION IN RELATION TO 12 LOAN CONTRACTS​

* ASIC REVIEWED ANZ’S APPROACH TO REMEDIATING ABOUT 320 CUSTOMERS, SEES TOTAL REMEDIATION AMOUNT AT $5MLN

* ANZ DETECTED AND REPORTED SUSPECTED FRAUDULENT CONDUCT BY THESE THIRD PARTY INTERMEDIARIES Source text for Eikon: Further company coverage:

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