According to a statement from the bank, ASIC has been investigating trading practices in the Bank Bill Swap Rate (BBSW) market since mid-2012.
As part of the review, 14 BBSW panel bank members have been questioned in relation to their involvement in the BBSW submission process.
In addition, ANZ has undertaken its own review of practices in the BBSW market.
ANZ chief risk officer Nigel Williams said the issue was complex and unlikely to be settled for some time.
“We have been treating this matter very seriously and we are continuing to cooperate fully with ASIC,” Mr Williams said.
“In light of this, we are taking the precaution of having seven staff involved in markets trading step down pending completion of the investigation into practices to 2013.”
In the statement, ANZ said potential outcomes of the investigation could include civil and criminal penalties and other actions under the relevant legislation.
Mr Williams said appropriate conduct was an overwhelming priority for ANZ.
“We have worked hard to have the right risk culture including ongoing culture and compliance programs in our markets-facing businesses,” he said.
In July, the Royal Bank of Scotland entered into an enforceable undertaking with ASIC over its potential misconduct involving the BBSW.
