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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: CBA says “software error”. Insider says “no one gave a rat’s arse” Michael West

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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 down a record $10 billion profit result this week, is the subject of a lawsuit by the

money-laundering and counter terrorism watchdog AUSTRAC which alleges the bank presided over

more than 53,000 breaches of Australia’s money-laundering and counter terror-financing laws (AML-CTF).

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