Australia fines ANZ $7.2 million over billing clients for account transfer

Representative Image. Credit: iStock Photo

Australia's corporate regulator said on Friday a Federal Court had fined Australia and New Zealand Banking Group Ltd A$10 million ($7.2 million) for charging customers fees to transfer money between their accounts for more than a decade.

The penalty was levied after the Australian Securities and Investments Commission (ASIC) filed a suit against the country's fourth-largest bank in July last year.