The chief executive of the country’s financial crimes agency says it is using information provided by Commonwealth Bank to find weaknesses in anti-money-laundering rules and chase down perpetrators amid growing concerns that fraudulent mortgages are widespread in the sector.
AUSTRAC chief executive Brendan Thomas said the agency detected “fraud coming into the Australian real estate market all the time”, adding that CBA data allowed it to understand where “the weaknesses in the system might be to chase down the bad guys but also to close down those gaps”.
