Australia Signals Need to Act on Loan Fraud Seen at A$1 Billion

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.