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BFCSA
MORTGAGE
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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
ACCC scrutinising 'big five' for home loan rate rises Australian Financial Review Aug 16 2017 4:22 PM Misa Han   The competition regulator is scrutinising the big four banks and Macquarie Bank for how they set interest rates on residential mortgage products, as it seeks to stop the banks from passing on the government's $6.2 billion bank levy to consumers. Australian Competition and Consumer Commission chairman Rod Sims said the competition regulator had issued compulsory information notices to the big banks to gather information on how they set interest rates on their residential mortgage products. "We've used information notices to seek to understand how banks have made interest rate decisions in the recent past," Mr Sims told the House of Representatives standing committee on economics on Wednesday. "Are they looking at each other? What are the assumptions they make? How much do they look at small regional banks?" He said the...
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Banks had better be wary of regulatory BEAR The Australian 12:00AM August 17, 2017 Richard Gluyas  We can all smell political propaganda from 1000 kms away!!!!   If you ever dreamt of serious combat with the financial intelligence agency Austrac, then now is the time to do it — before the proposed banking executive accountability regime, or BEAR, is implemented. The framework has unpleasant, razor-sharp teeth, which for some potential bankers is likely to increase the attractiveness of employment in other industries with less punitive regulatory regimes. Commonwealth Bank’s battle with Austrac over money-laundering allegations is precisely the kind of case where BEAR would rear up in all its ferocity. CBA would be staring down the barrel of a maximum penalty of $200 million if it failed to meet the heightened standards of behaviour demanded by BEAR. Not only that, but a consultation paper released last month said it might be...
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Commonwealth Bank loaned $55m to group linked to Comancheros Australian Financial ReviewAug 16 2017 11:45 PM Neil Chenoweth  CBA ConBank Shareholders will be impressed with this lending scandal......and the hits just keep on coming!!   Three months before Ian Narev was appointed chief executive of the Commonwealth Bank in July 2011, the division that he headed reported a $55 million loss from loans to a company with links to the Comancheros bikie gang. The CBA suffered a spectacular failure of its risk assessments of Viking Group, which did not detect that the trucking group had been providing false accounts and fabricated invoices for five years to support ever-increasing loans. The shock loss raised questions about the level of scrutiny of CBA customers and the chain of command in Narev's Business and Private Banking division that approved the loans. Following Narev's appointment as CEO he promoted a range of direct reports from...
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Commonwealth Bank's ongoing systemic failures of customers and staff: But wait there's more ABC News15 August 2017 Stephen Letts  BANK GRIME AND MUCK WILL OOZE OUT FOR YEARS   The Commonwealth Bank has released new details of several serious cases of systemic problems within the business that has cost customers and employees millions of dollars. Following demands from Reserve Bank governor Philip Lowe and ASIC chairman Greg Medcraft for greater transparency, the CBA released a list of issues it says it is "putting right for our customers and employees". The "issues" include selling lines of insurance that wouldn't have been paid out, over insurance for home loan customers and the underpayment of superannuation payments to employees. The CBA also added a new item to the list, confirming it had just told ASIC that it may not have cancelled insurance to numerous deceased estates. The bank says it now checking to see...
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Commonwealth Bank nightmare not over yet Australian Financial Review Aug 14 2017 11:45 PM James Frost   Commonwealth Bank executives are bracing for more pain after chairman Catherine Livingstone said the board would continue to investigate executive accountability for the AUSTRAC money laundering debacle and reserved the right to clawback bonuses from those who had left the company where necessary. The door for further action against current and former executives was left open after the bank provided a timeline for the departure of CEO Ian Narev and introduced sweeping changes to executive pay, including the cancellation of rights to shares worth millions of dollars. The prospect of further fallout from an internal investigation into the money laundering scandal has shortened the odds an external candidate may be appointed to the top job at the bank with the potential for a rolling series of penalties and disciplinary actions making it difficult to...
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At last! Real figures on what banks really charge for mortgages Sydney Morning Herald August 14 2017 - 1:34pm Michael Pascoe   Everyone knows there's a big difference between banks' advertised mortgage rates and what they actually charge when nudged. Now we finally have some hard data on how big the gap is, as well as how much monetary policy has been quietly tightened even while the average owner-occupier has enjoyed a small rate cut. Along the way, there's a reminder of the "lazy tax" most borrowers pay – the difference between the rate paid and the cheapest available – and how effective the regulators have been in penalising investors and interest-only loans. A speech by Reserve Bank assistant governor Christopher Kent on Monday with the catchy title Some Innovative Mortgage Data uses the mortgage detail required for securitisation to give the first honest picture of home loans. Never mind the...
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Housing wealth is uncertain, but mortgage debt is very real ABC News 14 August 2017 2:49pm Michael Janda   Perhaps unsurprisingly, little attention was paid to what the boss of Australia's biggest bank had to say about its latest results beyond the money laundering scandal it's embroiled in. But a thoughtful response by Ian Narev to the final question in last week's analyst briefing raises an issue far more important to Australia's financial system in the long-term than dirty money. That issue is Australia's immense household debt. The question was almost a Dorothy Dixer, with the analyst effectively asking whether concern about Australia's record levels of household debt was overblown. Ian Narev didn't give the answer the analyst was probably expecting. "It should cause questions, because this is an outlying chart relative to global experience," he responded. "The first question we've got to ask ourselves is what's underlying it and are we comfortable with it."...
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Ian Narev says it’s innovate or die for Commonwealth Bank June 3 2016 5:43PM Frank Chung http://www.news.com.au/finance/business/banking/ian-narev-says-its-innovate-or-die-for-commonwealth-bank/news-story/727a288aaa1234afb5eda58af2e8bbb9 EXCLUSIVE THE head of Commonwealth Bank says the business will be “toast” within a decade if it fails to successfully innovate, describing it as an “existential imperative”. But Ian Narev argues the effect of some much-hyped disruptive technologies such as peer-to-peer lending and bitcoin has been broadly overstated — in the short term, at least. “If we don’t innovate successfully we’re toast,” he told a small gathering of business leaders hosted by free-market think tank The Centre for Independent Studies on Thursday. “Not we’ll lose a bit of profit, we’ll lose a few customers — we’re toast. And I’m talking over a decade, not over six months, but it is an existential imperative for us to innovate. “And you can just look around and all sorts of parts of the industries that we’re in...
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Makes you want to crawl into a sink hole....... Bags of cash: How money launderers used Commonwealth Bank of Australia https://www.cnbc.com/2017/08/13/bags-of-cash-how-money-launderers-used-commonwealth-bank-of-australia.html Sydney case shows how money launderers used Commonwealth Bank of Australia Australian regulators are suing CBA over lax controls CBA to fight lawsuit, says ATM coding problem to blame for most breaches AUSTRAC alleges meat firm deposited A$17.7 million in crime proceeds with CBA Published 19 Hours Ago In a run-down mall in one of Sydney's biggest Chinese neighborhoods in 2015, 29-year-old Jizhang Lu showed up at the top-floor offices of a meat export company carrying a carrier bag stuffed with hundreds of thousands of dollars in cash. According to police documents filed in court and reviewed by Reuters, Lu said he made the trip to the shopfront of CC&B International Pty Ltd eight times over three weeks. Each time a CC&B employee would hand him a receipt showing a...
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Barnaby Joyce embroiled in dual citizenship saga and has referred himself to the High Court Claire Bickers, News Corp Australia Network 40 minutes ago   http://www.dailytelegraph.com.au/news/national/barnaby-joyce-embroiled-in-dual-citizenship-saga-and-has-referred-himself-to-the-high-court/news-story/68bfb48953c7cc314a03e6ba99873e4c?utm_source=Daily%20Telegraph&utm_medium=email&utm_campaign=editorial MALCOLM Turnbull’s majority government is under threat after the shocking revelation that Deputy Prime Minister Barnaby Joyce may be a dual citizen of New Zealand. The Nationals leader made the announcement in Parliament this morning that he will refer his own eligibility to sit to the High Court. Mr Joyce told the lower house he would remain in his position until the matter was resolved. He said he was shocked to learn last week that he could be a citizen of New Zealand by descent via his father. Deputy Prime Minister Barnaby Joyce has referred himself to the High Court.   “Last Thursday afternoon the New Zealand High Commission contacted me to advise that on the basis of preliminary advice from their department of internal affairs,...
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Property: AUSTRAC’s money laundering blind spot By Unconventional Economist in Australian Property at 12:20 am on August 14, 2017 | 2 comments https://www.macrobusiness.com.au/2017/08/property-austracs-money-laundering-blind-spot/   By Leith van Onselen Last week, I published an article entitled “Amid CBA scandal, real estate money laundering ignored”, which questioned why Australia’s biggest money laundering honeypot – Australian property – continues to be ignored by Australia’s politicians and the media. Over the weekend, The AFR belatedly confronted the issue [my emphasis]: Stolen identities and illicit bank accounts used in the CBA scam to transfer money out of Australia are also the hallmarks of a sophisticated global network used to launder huge amounts into residential and commercial real estate… George Brandis, federal attorney-general, is expected to make an “imminent” announcement about boosting powers and resources of Austrac, the government agency that combats money laundering, according to a department spokesman. But it is expected to fall short of...
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CBA appealed to global regulators before scandal broke The Australian 12:00am August 14, 2017 Scott Murdoch   Commonwealth Bank held urgent talks with global regulators and central banks on the day it was served by Austrac, in a bid to calm concerns that money-laundering allegations could hurt the bank’s reputation and future fundraising prospects. The bank, which is Australia’s largest home lender, refused to confirm which authorities were briefed by its top executives on August 3, when the Austrac claims were made. CBA is accused of allowing more than 53,000 suspect transactions to pass through its intelligent deposit machines, which could have funded crime gangs or terror. CBA is under investigation by the Hong Kong Monetary Authority because most of the suspect cash washed through the machines is thought to have been sent to the territory. However, sources have told The Australian that CBA sought out regulators and played down potential...
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Westpac's George Frazis says deposits are the obstacle for first home buyers Australian Financial Review Aug 13 2017 11:00 PM Michael Smith   Westpac's head of consumer banking, George Frazis, says saving a deposit is one of the biggest challenges facing first home buyers and lenders should do more to help young people save the initial payment they need to get onto the property ladder. Mr Frazis, who identified housing affordability as a major social issue when he started in the job two years ago, warned against moves to dampen house prices. "This whole notion that you want a system where house prices drop is flawed. It is over $7 trillion in terms of an asset class. If that loses value, it would destabilise the economy," Mr Frazis said in an interview with The Australian Financial Review. "This is not about prices going down, this is about ensuring that those who...
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House prices face China exodus risk, says former top US Federal Reserve economist Australian Financial ReviewAug 14 2017 12:08 AM John Kehoe   Soaring house prices are vulnerable to a sharp downturn that would damage the local economy if Chinese buyers retreat from residential property in Australia, a former top US Federal Reserve official has warned. Nellie Liang, who recently visited Sydney to share her thoughts on financial stability with the Reserve Bank of Australia, told The Australian Financial Review policymakers were right to be "really concerned" about high house prices and household debt that was elevated by international standards. Amid signs that Chinese businesses and people are being forced to move offshore money back home, the recently retired head of the Fed's financial stability division said a "trigger" for a real estate price collapse could be a reversal in international capital flows. "The problem with high house prices and high...
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  CBA says “software error”. Insider says “no one gave a rat’s arse”   A Commonwealth Bank insider has rejected the bank’s claims that a “software error” caused its systematic money-laundering. Rather, it was due to management incompetence and a culture in which compliance ran a poor second to profit. The person, who does not wish to be identified, said bank executives were warned about system problems involving the the interface with AUSTRAC but said, “No one gave a rat’s arse”. “Compliance always comes last in CBA and it is frequently and quietly dropped, overlooked and omitted,” said the person. “As for this “software error” … haha”. In response to questions from michaelwest.com.au, a CBA spokesman said: We’re currently reviewing the statement of claim. “All of our statements in relation to the matter are available here – https://www.commbank.com.au/personal/newsroom.html “We can’t offer any additional information at this time.”   CBA, which handed...
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  Sydney Morning Herald August 12 2017 - 1:49am Adele Ferguson   There is hardly a senior figure in Australia that hasn't put the boot into the Commonwealth Bank – and the banking sector – in the past week for cultivating a culture of profit at all costs. The latest was the Reserve Bank governor Philip Lowe who used a Senate economics committee in Melbourne to rip into the banks for a short-term profit mindset and cultural collapse. "The desire for short-term profit has meant not enough attention is being paid to risk management, trust has been strained, banks know that," he said. At the same time, in a separate parliamentary committee held in Sydney, Australian Securities and Investments Commission chairman Greg Medcraft was doing likewise, talking about the importance of culture and trust. "If the culture and values of a business are not aligned with customer outcomes, it is easy...
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Era of Chinese exuberance over as Beijing brings dealmakers into line Australian Financial Review Aug 11 2017 11:00 PM Lisa Murray, Angus Grigg   Just 10 minutes after looking over an industrial site in the inner Sydney suburb of Erskineville, Chinese billionaire Feng Di was ready to make an offer. Over coffee at a nearby cafe, Feng put his opening bid down on paper, or on the back of a napkin to be more precise. "He didn't speak much English so he just wrote the number down and let me tell you it had a lot of zeros on the end," said one person familiar with the event. That opening offer in late 2014 would eventually lead to a $380 million signed contract by Feng's Golden Horse Group for what was then the largest urban land deal in Australian history. Over the next few years, a spate of deal-making by cashed-up...
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Property is AUSTRAC's money-laundering blindspot Australian Financial Review Aug 11 2017 10:00 PM Duncan Hughes   A loophole for laundering vast amounts of cash into the nation's property market has been exposed by the Commonwealth Bank of Australia's money laundering scandal, according to security experts. Stolen identities and illicit bank accounts used in the CBA scam to transfer money out of Australia are also the hallmarks of a sophisticated global network used to launder huge amounts into residential and commercial real estate, they claim. The CBA action is also revealing regulators deep reliance on banks for intelligence on transfers of large amounts of money between accounts, which can result in cash transactions going unnoticed, they claim. George Brandis, federal attorney-general, is expected to make an "imminent" announcement about boosting powers and resources of Austrac, the government agency that combats money laundering, according to a department spokesman. But it is expected to...
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AUSTRAC case: How drug syndicates turned Commonwealth Bank into a money pump Australian Financial ReviewAug 11 2017 11:00 PM Neil Chenoweth   One man with a car was laundering more than $650,000 a day on a meandering route through Commonwealth Bank branches in 2015, part of $1.5 million that drug syndicates were moving through CBA accounts each day. Transaction details in the 583-page statement of claim lodged by AUSTRAC against CBA last week for failing to report suspicious transactions provide almost a minute by minute account of how six syndicates manipulated the CBA deposit system, reaching its height on June 30, 2015. The most graphic account came just after one o'clock that day when a computer alert pinged and a CBA manager hurried outside to catch a glimpse of the man who had haunted his branch for months. CBA customers had been shovelling huge sums of cash through the Intelligent Deposit...
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Brokers on board as ANZ Banking Group readies $1b hybrid Australian Financial Review Aug 11 2017 12:15 AM Sarah Thompson, Anthony Macdonald, Joyce Moullakis   STREET TALK  It's down to the fine strokes as ANZ Banking Group prepares a return to the hybrid market next week.  Street Talk understands ANZ has six brokers lined up to handle the $1 billion-odd capital note offer, which is due to launch mid next week after the bank presents its third quarter earnings update. ANZ's internal team is expected to lead the offer, and draw on JPMorgan, Morgan Stanley, Morgans, UBS, Westpac Institutional Bank and their retail affiliates to help sell the securities. Interestingly, that would be almost the same line up that ANZ called on this time last year when the bank raised $1.3 billion for its ANZ Capital Notes 4 at 4.7 per cent above the bank bill swap rate. The only difference...
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Commonwealth Bank's missteps in the sights of Hong Kong Monetary Authority Australian Financial Review Aug 11 2017 12:15 AM Sarah Thompson, Anthony Macdonald, Joyce Moullakis   STREET TALK  Commonwealth Bank of Australia's compliance failures around money laundering and criminal activities have the Hong Kong Monetary Authority on high alert, with that government authority weighing its own course of action. Street Talk understands HKMA, which is a government authority responsible for maintaining monetary and banking stability, is conducting its own review of AUSTRAC's explosive claims, and may opt to take the matter further including its own fines levelled at CBA. HKMA's jurisdiction does appear to cover fines for bank's headquartered elsewhere. Earlier this year, it ordered the local branch of private bank Coutts & Co to pay a fine for breaching anti-money laundering and counter-terrorist rules and in 2015 State Bank of India's Hong Kong branch was hit with a penalty. Interestingly,...
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CBA branch laundered $27.2 million for criminal drug gang, court told The Australian 12:00am August 11, 2017 Nicola Berkovic   Members of a criminal gang involved with the manufacture and importation of liquid methamphetamine would deliver bags of cash to a fake business at the Lemon Grove Shopping Centre in Chatswood, on Sydney’s north shore, and get “receipts” for meat, including “mutton leg”, “lamb leg bones” and “tongue long cut”. “Staff members” of the fake business, known in court documents as Company 1, would then take the bags and deposit the cash into its account at the CBA’s Chatswood branch. On one occasion $527,900 was lugged to the bank in a black and blue sports bag. Another time $529,900 was loaded into a blue Aldi shopping bag. Chinese man Jizhang Lu, jailed for a maximum of two years, delivered $3.2 million over a period of just under three weeks. In total,...
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ASIC may pursue case alleging Commonwealth Bank directors breached duties Australian Financial ReviewAug 10 2017 11:45 PM Anne Hyland   EXCLUSIVE  The Australian Securities and Investments Commission is considering pursuing a case against Commonwealth Bank of Australia directors that would allege they breached their duties to protect the company's reputation when responding to AUSTRAC warnings the institution was being used for money laundering. ASIC declined to comment. However, it is expected outgoing ASIC chairman Greg Medcraft will focus on this issue when he fronts a parliamentary joint committee on corporations and financial services in Sydney today. There is intense political interest in the allegations raised in a court case by financial intelligence agency AUSTRAC that CBA breached anti-money laundering rules more than 53,000 times by failing to disclose transactions of more than $10,000. CBA chairman Catherine Livingstone was summoned to Canberra on Tuesday for meetings where she was told the federal...
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Comm Bank scandal: what happens when too much power is placed in too few hands Tom Westland Wednesday 9 August 2017 https://www.theguardian.com/commentisfree/2017/aug/09/comm-bank-scandal-what-happens-when-too-much-power-is-placed-in-too-few-hands  It is generally considered poor taste to kick someone while they’re down. In the case of Commonwealth Bank CEO Ian Narev, I think an exception can and should be made Narev is the extraordinarily well-paid executive of an extraordinarily profitable bank that has this week been accused of having forgotten – on 53,506 separate occasions – to notify regulators of large cash transactions.   The bank was required to make these notifications by law; apparently a computer coding error prevented CBA from doing so. This cock-up, regulators allege, meant that criminal syndicates were able to feed large amounts of dirty cash into the bank’s ATMs anonymously and deposit it, suitably laundered, into offshore accounts.  The bank is currently retailing the idea that although they broke the law 50,000 times,...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    The business rationale is really quite animalistic isn't it! Everything about it is either counterintuitive or completely cockeye
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Confidence in CBA’s ‘Ian Narev’ is a hollow cliché Adele Ferguson 8 August 2017-08-09 http://www.smh.com.au/business/banking-and-finance/confidence-in-cbas-ian-narev-is-a-hollow-cliche-20170808-gxrua4.html In the sporting world, the expression "having the full support of the board" has become such a cliche it has even made it into the Urban Dictionary. The definition is: "Something that a football club's board will say to the media about their coach two to four weeks before firing him." It can also be applied to companies. Take Uber boss Travis Kalanick, who resigned amid a firestorm shortly after the board's Arianna Huffington told the media "the board has confidence in Travis". Ditto for the boss of BP in 2010 and Yahoo's chief executive in 2011 who was sacked by phone within weeks of the board supporting her. CBA boss Ian Narev will be hoping his board's public expression of "confidence" is not consistent with the Urban Dictionary's meaning of the term. However, four to...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    ...and a few cases of Penfold's Grange thrown in with it!
  • Consent_Withdrawn
    Consent_Withdrawn says #
    In this case I wonder which definition of confidence is in play. My guess would be that it's a case of the clandestine variety.
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