ANZ Group sanctioned by Australia's Banking Code Compliance Committee for serious and systemic breaches.

Breaches include failing to stop or refund fees for deceased customers and not responding promptly to their representatives.

ANZ took over a year to implement solutions and almost two years to start its customer remediation program after identifying the issue in early 2022.

Nearly $3.3 million will be paid to 18,852 impacted estates as part of ANZ's remediation efforts, expected to be completed by the end of July.

Concerns raised about the adequacy of ANZ's compliance frameworks; breaches deemed serious and systemic.

Another bank also warned for similar breaches, but its actions were swifter and more appropriate.

Findings result from an inquiry into banks' compliance with obligations for deceased estates; three more investigations expected to be finalized soon.

ANZ has been approached for comment on the matter.