Australian banks Macquarie and ANZ will pay a total of $15 million in fines for attempting to act as a cartel over setting the benchmark rate for the Malaysian ringgit.
finews.asia reported last month on the action brought by the Australian Competition and Consumer Commission (ACCC) in the Federal Court alleging that traders at both banks had taken part in attempted cartel conduct.
Following the filing of joint statements of facts and submissions by the parties, Justice Wigney of the Australian Federal Court imposed penalties of $9 million against ANZ in respect of its admission that it engaged in ten instances of attempted cartel conduct in contravention of the Competition and Consumer Act 2010 (CCA).
A penalty of $6 million was imposed against Macquarie in respect of its admission that it engaged in eight instances of attempted cartel conduct in contravention of the CCA.
The banks were also ordered to contribute to the ACCC’s costs.
