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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Regulators have been in the know since the Storm Financial Inquiry of misuse of desktop valuation systems AND incorrect LAF information AND who was responsible!   http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Completed_inquiries/2008-10/fps/report/c03 Misuse of valuation assessment system (VAS) 3.66      The committee has heard some suggestions that local CBA staff sought additional business by proactively and inappropriately using their desktop computer home valuation assessment system (VAS) to revalue Storm client's houses, thereby making them eligible to borrow more against the new, higher value. 3.67      CBA executives contested this suggestion: Effectively, Storm was selecting customers who were Commonwealth Bank loan customers. They would approach the bank under the pretext of their customer wanting to take out additional borrowing against their home. They were not solicited or sourced by the bank ... we were told the customers were supplying their owners' equity—the value that they put on their own home—and VAS was used to decide whether a valuation was...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    "Grab the VAS out will ya? The boss wants to polish his head..."
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Regulators. More like regunevers I think.
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Commonwealth bank, Ian Narev slammed over money laundering allegations August 5, 2017  by  ·    James Eyers  ·    James Frost  ·    Vesna Poljak  ·    Simon Evans https://newsdet.com/commonwealth-bank-ian-narev-slammed-over-money-laundering-allegations/ Eleven people are in jail and dozens more have been arrested here and overseas for using the Commonwealth Bank of Australia’s lax funds transfer systems for money laundering, drug dealing or being in receipt of the proceeds of crime. The extraordinary scale and systemic nature of the problem at Australia’s largest bank has been laid bare in a statement of claim that runs to 583 pages and details thousands of transactions that were either ignored by the bank or reported too late to stop funds being transferred overseas. Commonwealth Bank, Ian Narev slammed over money laundering allegations Commonwealth Bank shares plunged 3.8 per cent on Friday as the market digested the magnitude of the allegations, shaving close to $5 billion from the bank’s market capitalisation....
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    A couple of points I'd venture here: If bank CEOs know that staff care about helping people, why do we have people with wrecked l
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'We made mistakes', says CBA boss Ian Narev Australian Financial Review Aug 6 2017 11:00 PM James Eyers, Tony Boyd  The COMMONWEALTH BANK needs to be turned back into a Government owned banking institution with NO creating wealth arm.   Narev is out with the Pixies or the Ghost of Al Capone:  ASSET-STRIPPING IS A CRIMINAL OFFENCE.     Commonwealth Bank of Australia chief executive Ian Narev has admitted the bank "made mistakes" in failing to report money laundering but defended his leadership, saying he is "motivated" to help restore trust and that problems identified by Australia's financial transactions regulator don't reflect cultural shortcomings under his watch. In an interview with The Australian Financial Review on Sunday morning at the bank's Sydney headquarters, Mr Narev said CBA is taking the case filed by the anti-money laundering agency last week "extremely seriously". He vowed "unequivocally" that senior executives would be held accountable although...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    When are these ........s going to realise that currency works better on its own without usury and financial manipulation? I can't
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How the Commonwealth Bank laid the groundwork for a royal commission Analysis By business editor Ian VerrenderUpdated about an hour agoMon 7 Aug 2017, 7:22am http://www.abc.net.au/news/2017-08-07/commonwealth-bank-laid-the-groundwork-for-royal-commission/8779598   Photo: The allegations against the Commonwealth Bank, if true, could have national security implications.  Related Story: Xenophon calls for criminal penalties for 'reckless' banking bosses Related Story: CBA in damage control over anti-money laundering allegations Related Story: How three men got away with money laundering through CBA Where do you start? A total clean-out of the board and management of the Commonwealth Bank, a complete rethink of the role of our financial institutions, or a subjective investigation on the impact of new technology and whether it can replace human involvement? There is no way to understate the extent of the latest allegations against the Commonwealth Bank of Australia; ignoring money laundering for drug syndicates, turning a blind eye to terrorism financing and abjectly ignoring...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    AUST GOVT = BANKS' BITCHES ANY POLLIE NOT DETERMINED TO INSTIGATE AN IMMEDIATE NO-STONE-LEFT-UNTURNED FULL INVESTIGATION INTO THE
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CBA and now this?  Probably a big smokescreen to hasten plans to do away with cash...if you think like a crook to its the same pattern as how we mysteriously had to have a Home Office headed by an ex cop...nest we had to endure a week of being told you can make a bomb by adding a big fart to a spong meat mincer!       One can bet all those accounts were used for money laundering ....same gaming machine model doubtless!     Wells Fargo May Have Found More Fake Accounts Created by Employees By STACY COWLEY AUG. 4, 2017 Continue reading the main story ·           ·         Tweethttps://www.nytimes.com/2017/08/04/business/dealbook/wells-fargo-fraud-accounts.html?src=me ·         Email ·         Save   Photo     Wells Fargo customers in San Francisco. The bank is facing an investigation by the federal Consumer Financial Protection Bureau.Credit Justin Sullivan/Getty Images         Wells Fargo, already struggling to...
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How CBA recruited AUSTRAC executives Australian Financial Review Aug 6 2017 11:45 PM Adele Ferguson The Australian Prudential Regulation Authority gave a presentation to the Basel Committee on Banking Supervision in October 2001 titled Money laundering, a risk management issue. It said supervisors globally were increasingly recognising the importance of banks putting in place controls and procedures to ensure they knew their customers. It went on to say "sound KYC [know your customers] procedures must be seen as a critical element in the effective management of banking risks". Without proper due diligence, it warned that banks could become subject to reputational, operational, legal and concentration risks, which could result in significant financial cost. Almost 16 years later, the Commonwealth Bank of Australia is embroiled in a landmark legal case by financial intelligence agency AUSTRAC that alleges CBA's controls and procedures were not effective. In some cases it enabled customers to be...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    To you banker arseholes: I will do everything in my power from this day forward to ensure your psychopathic and sociopathic behav
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Annoying voters
  • Consent_Withdrawn
    Consent_Withdrawn says #
    What if someone tops themselves thank you spell heck
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Yep. When is enough enough? Perhaps when somebody feels like they've been shafted? Fat chance. How about once a few people feel
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AFP raided CBA for non-disclosure in AUSTRAC court case Australian Financial ReviewAug 6 2017 11:45 PM Neil Chenoweth   The most disturbing feature of AUSTRAC's 388-page statement of claim against the Commonwealth Bank is how little it has to do with technology – this claim focuses like a laser on a non-compliant bank culture. The case details a worsening relationship between AUSTRAC, the Australian Federal Police and CBA, that escalates from increasingly urgent requests for information, to directions to court orders and finally to a search warrant. On April 4 last year AFP officers raided CBA premises for documents related to accounts linked to a $315 million methamphetamine seizure in Perth. How did things get to that stage? The AUSTRAC complaint is framed by the technology problems that CBA had with its Intelligent Deposit Machines (ADMs) which it introduced in May 2012. But technology problems account for only part of the...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    With people the presumption of innocence pending proof of guilt is fair enough. When a bank is concerned, it should be treated li
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ASIC allowed this salesforce gaming system to operate AND MUTATE since at least 2001.......off with their bloody heads!     01/183 ASIC concludes ANZ Bank review Thursday 31 May 2001 http://asic.gov.au/about-asic/media-centre/find-a-media-release/2001-releases/01183-asic-concludes-anz-bank-review/ The Australian Securities and Investments Commission (ASIC) today announced that it has concluded its enquiry into allegations of inappropriate sales practices within ANZ Bank's Personal Financial Services division. ASIC will continue to monitor ongoing compliance with the remedial measures implemented by ANZ as a result of its enquiry. ASIC's National Director, Financial Services Regulation, Ian Johnston said that ASIC had been concerned about aspects of ANZ's compliance systems, particularly whether or not consumers had suffered loss. 'While ANZ and PricewaterhouseCoopers have not detected any measurable loss to consumers, ASIC will continue to call on the Bank to compensate any account-holders who have lost money through abuse of the Salesforce system', Mr Johnston said. 'At the time of ASIC's enquiry, ANZ...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Hey everyone looks like Turnbull is still in his job again today. That means it's still open season on borrowers as far as banks
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Just musing on the topic, but even the term "trickle down economics" is misleading in certain instances. In this part of the worl
  • Consent_Withdrawn
    Consent_Withdrawn says #
    ASIC... Don't get me started!
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CBA faces multimillion-dollar penalties over money laundering Australian Financial Review  Aug 3 2017 at 6:59 PM James Frost   Commonwealth Bank is facing a hundreds of millions of dollars in penalties and questions over the future of its senior executives, including CEO Ian Narev, following allegations that it looked the other way as thousands of potentially illegal cash transactions were made using the bank's network of automated teller machines by criminals. Financial intelligence agency AUSTRAC, which initiated Federal Court action against Australia's biggest bank yesterday, said CBA has ignored warnings that its ATMs were being used to funnel money to individuals connected to, charged with and convicted of crimes ranging from dealing with the proceeds of crime to drug manufacture and distribution of drugs, terrorism and terrorism financing. AUSTRAC alleges that the bank adopted a policy of not reporting suspicious transactions in some circumstances and ignored notifications from the authorities, including the Australian Federal Police, that...
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Add a zero and comma to 530,000 and you might get close to the number of tampered with LAF’s hiding in the CBA mortgage processing gaming system!   There is only a possible $18 million fine!!!!!! Remember thats petty cash................the Major banks handed over $127 million over to the regulator last year.   Fake names, drug lords, suspicious trading and CBA 3 August 2017 Adele Ferguson http://www.smh.com.au/business/banking-and-finance/fake-names-drug-lords-suspicious-trading-and-cba-20170803-gxov29.html After spending a fortune on a campaign designed to improve its tarnished image and ward off a royal commission, the banking sector must have done a collective face palm as news swirled that Commonwealth Bank was at the centre of shocking allegations of "serious and systemic non compliance" under the Anti Money Laundering and Counter Terrorism Financing Act. If it sounds ominous it is. Banks trade on trust and robust systems. When this breaks down, heads must roll. In the words of Austrac: "It is...
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Even the Commonwealth Bank's staunchest critics wouldn't have predicted this one. This is the bank potentially blowing itself up. CBA is facing fines of about a trillion dollars for nearly 54,000 breaches of Australia's money-laundering laws dating back to 2012. A trillion dollars, which is a thousand billion. About seven times Commonwealth Bank's market value. If it comes to that, it simply won't be able to pay. Media player: "Space" to play, "M" to mute, "left" and "right" to seek. VIDEO: Ian Verrender on accusations against Commonwealth Bank (7.30) According to the money-laundering watchdog, AUSTRAC, "the effect of CommBank's conduct in this matter has exposed the Australian community to serious and ongoing financial crime". It doesn't get any worse than this. It's not a financial planning scandal where tens of thousands of customers get ripped off blind, and the bank makes millions of dollars out of them. Or CBA overcharging its customers by more than $100 million. It's...
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http://www.abc.net.au/news/2017-08-03/commonwealth-bank-latest-scandal-might-be-the-one-that-hurts/8772390 BFCSA Members have been warning about CBA’s corruption problems since 2002.   CBA has for 16 years, abused the Anti Money Laundering and Counter Terrorism Financing Act by hiring and paying commissions to mortgage brokers and then specifically deny (via Parliament) that the Broker was not the agent of the Bank and to the DETRIMENT OF CUSTOMERS.    CBA has assisted in corruption of FOS via Bank owned CCMCA as puppet masters to deny customers a right to have complaints being fairly dealt with and frustrate any compensation to be paid for UNAFFORDABLE LENDING practices.  We have the collective evidence.  The wise-guys at the top need to go to jail.....not rewarded $14 million per year. The COMMONWEALTH BANK needs to be turned back into a Government owned banking institution with NO creating wealth arm.   The CBA devised wealth for themselves by stealing homes from customers.  Each one of the millions of mortgages that contain...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    This is as much ch a case of psychological warfare as economic. The two are intimately linked I believe. It's getting like who ev
  • Consent_Withdrawn
    Consent_Withdrawn says #
    In short: the crime is only so monstrous and successful because a whole heap of positive intent, survival instinct, altruism, hard
  • Consent_Withdrawn
    Consent_Withdrawn says #
    (that is why I *think* the union of...)
  • Consent_Withdrawn
    Consent_Withdrawn says #
    So given what I've said here, I am feeling a keen sense now that the bulk of our social conditioning is not only a crude way to ma
  • Consent_Withdrawn
    Consent_Withdrawn says #
    maybe it is time that customers and shareholders found some common ground. We can only hope...
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Austrac alleges CBA in 'serious' breach of money laundering act http://www.smh.com.au/business/banking-and-finance/austrac-alleges-cba-in-serious-breach-of-money-laundering-act-20170803-gxoirw.html We gave tapes to NSW POLICE re these activities where a NAB operative was boasting the methods used.......................IN 2003.  Glad its finally all coming out.  Imagine if we broke the law 53,000 times??????  Major banks in this up to their eyeballs. Commonwealth Bank failed to inform regulators about suspicious cash deposits in its ATM network, in which money-laundering syndicates moved tens of millions of dollars through the bank, Austrac has alleged. Austrac, the government's financial intelligence unit, said on Thursday it was taking action against CBA, alleging "serious and systemic non-compliance" with the Anti-Money Laundering and Counter-Terrorism Financing Act. The action alleges more than 50,000 contraventions of the act, mainly through intelligent deposit machines (IDMs), a type of ATM that allows anonymous cash deposits.  Austrac alleges millions of dollars were put into the machines by money-laundering syndicates, with some of the cash sent...
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  • organza
    organza says #
    You would need to add a zero and coma to 53,000 and multiply 530,000 by 10 to come close to the number of tampered with LAF's wait
  • Consent_Withdrawn
    Consent_Withdrawn says #
    Every time I think I'm seeing the real depth of the scam it becomes like just a thicker and darker layer of murk than the last, an
  • Consent_Withdrawn
    Consent_Withdrawn says #
    50,000 odd breaches. Well well well... I'm betting it's a drop in the ocean. Given the clarity of experience added to the cons
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Social Equality is the ONLY REASON for The Government being in POWER   Consent_Withdrawn - Posted on Thursday, August 3, 2017   Open Letter to each member of the AUSTRALIAN GOVT:   How many years or decades has this inequality issue been raging for now? When are you people going to realise that social equality is your ONLY reason for being in a position of authority? There is no other possible reason. You are allowed a social license to enforce laws founded in the maxims of equity - the very legal interpretation of principles of equality.   The proof is in the pudding, and the fact that even ONE homeless human being exists in this country straight away raises serious questions as to your efficacy.   We have a lot more than one though now don't we...   We have a persistent lack of action, a persistent false debate which...
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Another 820,000 homes gearing up to be recycled...     820,000 Aussie households in “mortgage stress” By Guest in Australian Property at 9:20 am on August 1, 2017 | 5 comments https://www.macrobusiness.com.au/2017/08/820000-aussie-households-mortgage-stress/   By Martin North, cross-posted from the Digital Finance Analytics Blog: Digital Finance Analytics has released mortgage stress and default modelling for Australian mortgage borrowers, to end July 2017.  Across the nation, more than 820,000 households are estimated to be now in mortgage stress (last month 810,000) with 20,000 of these in severe stress. This equates to 25.8% of households, up from 25.4% last month. We also estimate that nearly 53,000 households risk default in the next 12 months, 2,000 down from last month. We have been tracking the number of households in stress each month since 2000, and since a small easing in February 2016, the number under pressure have been rising each month.   The RBA cash...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    AUSTRALIAN GOVT: How many years or decades has this inequality issue been raging for now? When are you people going to realise t
  • Consent_Withdrawn
    Consent_Withdrawn says #
    What is the point of even trying to get by in this world of lawless disorder? Where is the incenrive under such a hypocritical an
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ANZ restructure raises job cut fears   Australian Financial Review Jul 31 2017 11:00 PM David Marin-Guzman, James Frost   The Finance Sector Union is bracing for the possibility of significant job losses at ANZ as the bank's chief executive Shayne Elliott moves to reassure staff about his dramatic restructure of the business. Mr Elliott sent out a manifesto to staff on Monday calling for a more "agile" workplace and a revolution of outdated work practices, and on Tuesday will reinforce that the bank's focus is on retail customers in Australia and New Zealand and institutional customers across Asia. The ANZ CEO, whose strategy has included withdrawing from Asia and selling its wealth management business, has previously said the future of the bank will be smaller in terms of branches and people. Former Westpac CEO Gail Kelly weighed in on the bank's restructuring plans, urging ANZ and the rest of the industry to "do more" to...
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Super funds investing $1b in US affordable housing because 'no opportunities in Australia' ABC News31 July 2017 7:07pm Guy Stayner   Australians have invested $1 billion to create affordable housing — not here, but in the United States. That is the assessment of Daryl Browning, the CEO of Industry Superannuation Property Trust (ISPT), one of Australia's largest property fund managers. Individuals are not choosing to put their money into the American affordable housing market, but Australian superannuation funds and investment houses are doing it for them. "It's not a deliberate ploy," Mr Browning said. "I think there just haven't been the opportunities to do it in Australia." The investment companies are not to blame. Their primary objective is to get a return on investment for their members, and the reality is Australian investment funds can get a decent return backing social housing and build-to-rent projects in the US while they cannot...
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CBA tells interest-only borrowers to wait six months for new funding Australian Financial Review Jul 31 2017 3:39 PM Duncan Hughes   Commonwealth Bank of Australia's property buyers wanting to switch to an interest-only loan will have to wait six months – or twice as long – for new funding under the latest round of tough measures being introduced to discourage use of this type of repayment method. The nation's biggest mortgage lender will also from today refer any lender that wants to switch from principal and interest to interest-only repayments within 180 days for tough credit reassessment. CBA is attempting to lower the risk of its highly profitable mortgage book by encouraging borrowers to repay principal and discourage higher risk borrowers from applying, particularly interest-only investors. The bank is also aiming to stop mortgage brokers, who act as an intermediary between the bank and borrowers, from encouraging property buyers to...
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Heat on RBA as residential property borrowing hits a record   Australian Financial ReviewJul 31 2017 11:00 PM Duncan Hughes   Residential property borrowing continues to grow despite repeated attempts by regulators to jawbone banks and borrowers into cutting back, according to official statistics. The nation's bill for house borrowing has hit a record $1.69 trillion, which is bigger than the country's gross domestic product and nearly equivalent to superannuation savings, the latest numbers from the Reserve Bank of Australia reveal. Borrowers and mortgage brokers, which act as intermediaries between property buyers and lenders, claim that overall demand and loan growth remains strong, despite more subdued investor demand in some markets. Investors continue to dominate total property borrowing, despite efforts by banks and regulators to encourage owner-occupiers and reduce speculative demand in the overheating sector. Westpac Group is growing its loan book the most aggressively. Commonwealth Bank of Australia is pulling...
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Heat on RBA as residential property borrowing hits a record Australian Financial ReviewJul 31 2017 11:00 PM Duncan Hughes   Residential property borrowing continues to grow despite repeated attempts by regulators to jawbone banks and borrowers into cutting back, according to official statistics. The nation's bill for house borrowing has hit a record $1.69 trillion, which is bigger than the country's gross domestic product and nearly equivalent to superannuation savings, the latest numbers from the Reserve Bank of Australia reveal. Borrowers and mortgage brokers, which act as intermediaries between property buyers and lenders, claim that overall demand and loan growth remains strong, despite more subdued investor demand in some markets. Investors continue to dominate total property borrowing, despite efforts by banks and regulators to encourage owner-occupiers and reduce speculative demand in the overheating sector. Westpac Group is growing its loan book the most aggressively. Commonwealth Bank of Australia is pulling back...
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