The Finance Brokers Association of Australia (FBAA) has demanded banks dismantle their introducer and referral programs and overhaul internal approval practices, as the industry grapples with revelations of large?scale mortgage fraud.
The concerns appear to be focused on money laundering – whereby criminals may be ‘washing’ money obtained through illegal means (for example, drug dealing, prostitution rackets, or modern slavery) by obtaining loans using doctored documents – in some cases, created by artificial intelligence (AI).
It was then suggested on Friday (10 April) that brokers within aggregation group Finsure may have been implicated in allegations relating to suspected mortgage fraud, with bankers suggesting ‘people within its network’ may be involved in fraudulent home loan applications.
The Australian Securities & Investments Commission (ASIC) told a parliamentary joint…
Report any lost or stolen ID documents immediately to the South African Police Service (SAPS) and get a case number to protect yourself from future identity fraud liability.