One of Australia’s leading banking groups is facing a record $240 million fine due to years of misconduct.

The fine sought by the Australian Securities and Investment Commission (ASIC) is a result of “widespread misconduct” affecting  65,000 retail customers, and ANZ acting “unconscionably” in dealing with the Australian government while handling a $14 billion bond deal.

The bank has also been accused of “making false and misleading statements” about its savings rates and “failing to pay promised interest rates” to tens of thousands of its customers.

ANZ has released a statement acknowledging the penalty, but the fine will require approval from the Federal Court.

The penalties awaiting approval include $80 million for unconscionable conduct, $125 million for institutional and market matters, and $115 million in total for the three retail matters.

ASIC Chair Joe Longo says that ANZ has “betrayed” the trust of Australians countless times.

“Banks must have the trust of customers and government. This outcome shows an unacceptable disregard for that trust that is critical to the banking system,” he said.

ANZ CEO Nuno Matos said that failings by the company are “simply not good enough” and it’s his “expectation that we see measurable improvements across the bank to better protect and care for our customers and to create a more sustainable business.”

ASIC have sought eleven civil penalty proceedings against the bank since 2016.