The Australian Securities and Investments Commission yesterday outlined the terms of enforceable undertakings it has accepted from Westpac and ANZ Group, following the market regulator's investigation into the banks' wholesale foreign exchange businesses.ASIC said examples of poor conduct by the banks' employees included several instances of inappropriately releasing confidential client information and orders to third parties.The enforceable undertakings follow an industry wide investigation into wholesale spot foreign exchange trading activity. In the case of Westpac and ANZ, ASIC said it formed the view that between 1 January 2008 and 30 June 2013, both banks failed to ensure that their systems, controls and supervision were adequate to prevent, detect and respond to their respective risks of inappropriate conduct by staff.The undertakings will see ANZ and Westpac follow the lead of their Big Four banking peers in changing their existing systems and controls, and introducing monitoring and supervision of employees within their spot FX businesses to prevent activities such as disclosure of confidential information to external market participants in future."ANZ has cooperated fully with ASIC's investigation on this matter and we accept that during this period aspects of our supervision and monitoring of the Spot FX business were not good enough. We have taken responsibility and we apologise," Nigel Williams, ANZ chief risk officer said."There has been a cultural and compliance step change in our Markets business since 2013. "While we are always looking at ways to strengthen our compliance environment, there have been major improvements to compliance, training and monitoring systems in recent years which will go a long way toward ensuring this does not happen again," Williams said.Chief executive of Westpac Institutional Bank, Lyn Cobley, said Westpac would "continue to enhance our policies and controls across the Spot FX business and we look forward to continuing this process as we fulfil our commitments set out in the enforceable undertaking."The two banks' programs and their respective implementation will be assessed by an independent consultant appointed by ASIC. The program will incorporate changes already made by Westpac as part of an existing review of its spot FX business.The two banks will each also make a community benefit payment of A$3 million to support the financial capability of vulnerable people including women experiencing family violence, the elderly and youth at risk.The undertakings announced yesterday follow on from a similar series of undertakings to ASIC made by CBA and NAB in December last year, also in relation to their respective FX businesses.