(Bloomberg) — Australia’s assistant treasurer said anti-money laundering rules and the fight against scams are a key focus amid reports that mortgage fraud at Commonwealth Bank of Australia could amount to around A$1 billion ($700 million).
Daniel Mulino spoke at the Australian Financial Review Banking Summit on Monday. The AFR earlier said a Commonwealth Bank-commissioned report signaled loans based on doctored documents across the wider industry could amount to more than the earlier A$1 billion estimate.
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“I suspect that we are not at the bleeding edge,” Mulino said, referring to anti-money laundering laws. In the area of possible fraudulent mortgages, “perhaps more is needed.”
The AFR reported that top banks are working with the financial crimes watchdog to understand the extent of a potential mortgage fraud scandal.
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