“While this work is complex, we want to be very clear: where we find any evidence of wrongdoing, those involved will be held accountable and action will be taken,” he said.

ANZ’s share price fell 1.2 per cent to $29.34 a share following the news on Thursday.

The allegations come after it was revealed the corporate watchdog was investigating ANZ over its role as a risk manager in the issuance of $14 billion in Australian government bonds last year amid suspected breaches of the law. ANZ’s role in that issuance included hedging against risks such as interest rate changes.

Less than a decade ago, some lenders, including ANZ, were accused of rigging the bank bill swap rate – a benchmark interest rate – with ANZ reaching a settlement with ASIC to pay fines and admitting attempted unconscionable conduct by some of its traders.

In 2017, ANZ said it had changed the way it ran the markets business since 2015, including through more training of traders and new policies and systems.