The page you are looking for is temporarily unavailable.
Please try again later

Money Inquiry told NAB staff took loan bribes

05:50  14 march  2018
05:50  14 march  2018 Source:   msn.com

$500 billion pool of 'liar loans' in royal commission's sights

  $500 billion pool of 'liar loans' in royal commission's sights Broker raking in big commissions for issuing home loans to people who might not be able to afford it will be under scrutiny.Witnesses from National Australia Bank and Commonwealth Bank of Australia and its wholly owned Aussie Home Loans division will be hauled before the royal commission to answer questions about the sale of mortgages by in-house and external home loan brokers.

Fraud and misconduct connected to National Australia Bank 's 'introducer program' is the first case investigated by the financial services royal commission. Please use a supported version for the best MSN experience. Inquiry told NAB staff took loan bribes .

“She told Meghan that she didn’t like her relationship with Harry and that she should think twice before agreeing to his marriage proposal because Camilla was planning to make her life very tough,” a palace insider told New Idea. Inquiry told NAB staff took loan bribes .

What to watch next
  • Robotic surgery on 6 year-old saves her life

    Robotic surgery on 6 year-old saves her life

    AAP Logo
    AAP
    1:30
  • a close up of some grass: Violent carjacking on grandmother caught on camera

    Violent carjacking on grandmother caught on camera

    9News.com.au Logo
    9News.com.au
    1:32
  • a man and a woman smiling for the camera: How this woman dropped half her body weight

    How this woman dropped half her body weight

    9News.com.au Logo
    9News.com.au
    1:48
  • Dana Plato smiling for the camera: Shocking scan shows young nurse’s body riddled with cancer

    Shocking scan shows young nurse’s body riddled with cancer

    9News.com.au Logo
    9News.com.au
    1:17
  • a person wearing a suit and tie: President Trump has ousted his Secretary of State

    President Trump has ousted his Secretary of State

    9News.com.au Logo
    9News.com.au
    2:00
  • Bill Shorten wearing a suit and tie: Bill Shorten defends new tax policy

    Bill Shorten defends new tax policy

    9News.com.au Logo
    9News.com.au
    6:29
  • a man standing in a room: Queensland man jailed in Bali for a year

    Queensland man jailed in Bali for a year

    9News.com.au Logo
    9News.com.au
    0:24
  • "The right result" Former Cllr on allegations against Robert Doyle

    ABC News Logo
    ABC News
    2:17
  • Put the snags down! Salty snags a health risk, says nutritionists

    Put the snags down! Salty snags a health risk, says nutritionists

    ABC News Logo
    ABC News
    2:06
  • Greens Cllr Cathy Oke makes impassioned speech

    Greens Cllr Cathy Oke makes impassioned speech

    ABC News Logo
    ABC News
    0:51
  • Police investigate alleged cover up of mum's death

    Police investigate alleged cover up of mum's death

    ABC News Logo
    ABC News
    1:36
  • Tasmania's hemp industry booms with largest ever harvest

    Tasmania's hemp industry booms with largest ever harvest

    ABC News Logo
    ABC News
    1:27
  • Banks grilled on first Royal Commission hearing

    Banks grilled on first Royal Commission hearing

    ABC News Logo
    ABC News
    2:02
  • Queensland braces for Cyclone Linda

    Queensland braces for Cyclone Linda

    ABC News Logo
    ABC News
    1:41
  • Bank probe

    Bank probe

    tenplay Logo
    tenplay
    2:08
  • a group of people riding on the back of a truck: Five-year-old critical after being hit by car

    Five-year-old critical after being hit by car

    9News.com.au Logo
    9News.com.au
    0:18
UP NEXT
UP NEXT
Video provided by Ten News

NAB board aware of alleged fraud ring for months: commission told

  NAB board aware of alleged fraud ring for months: commission told The banking royal commission has heard more sensational details of NAB's home loan 'introducer' program.The National Australia Bank board was made aware of an alleged fraud ring operating within the bank in western Sydney months before the bank reported it to the corporate watchdog, the banking royal commission has heard.

NAB staff allegedly took cash bribes to facilitate loans . Several National Australia Bank staff took cash from “introducers” such as a gym owner and tailor for loans that some customers could not afford, an inquiry has heard.

was told of accusations of bribes taken in white paper envelopes by NAB staff under a program it put in place to encourage people to take out a loan . Counsel assisting the inquiry , Rowena Orr, revealed accusations by a NAB whistleblower that staff in five branches in Sydney falsified pay slips

A syndicate of National Australia Bank employees took $2800 bribes for fraudulent home loans with the money exchanged in white envelopes passed over the counter, a royal commission has heard.

The group made up fake payslips, IDs and Medicare cards, a whistleblower told the bank in late 2015.

The syndicate involved 11 people, six of them branch managers, across a number of branches in western Sydney, the financial services royal commission heard as part of its investigation into fraud and misconduct involving NAB's 'introducer program'.

"They charged $2800 bribery for each customer for home loans mainly but also personal loans," senior counsel assisting the commission Rowena Orr QC said on Tuesday, reading from an internal NAB email.

Energy giant Exxon will enjoy an 8-year company tax break in Australia

  Energy giant Exxon will enjoy an 8-year company tax break in Australia The US-based energy giant Exxon has confirmed it is unlikely to pay Australian company tax for eight years due to investments in off-shore production and low oil prices. ExxonMobil Australia chairman Richard Owen told a Senate committee inquiry into corporate tax avoidance that around $21 billion worth of investments in its Bass Strait and WA joint ventures meant the local subsidiary would not have a taxable income until 2021.The company last paid company tax in Australia in 2013.

National Australia Bank employees in greater western Sydney were accepting cash bribes over the counter in white envelopes to facilitate loans they knew were based on fake documents in order to smash targets and collect bonuses. NAB 's board was not told until December.

The inquiry , which looked at the big four and Macquarie Bank , found there was “less than vigorous competition” among the five when it came to mortgages. A cash for loans bribery ring has been exposed on day one of the banking royal commission.

The whistleblower said staff were being promoted on the basis of home loans as they appeared to be "smashing their targets", but some of it was false.

Ms Orr said the whistleblower claimed one customer was told they could borrow $800,000 when the valuation was only $450,000.

"The whistleblower said the money exchanges hands in cash in white envelopes, usually over the counter.

"Money is deposited at CBA so NAB can't detect the deposits. Happening on a daily or weekly basis and has been happening for a number of years."

Fraud and misconduct connected to National Australia Bank's 'introducer program' is the first case investigated by the financial services royal commission. © PETER PARKS/AFP/Getty Images Fraud and misconduct connected to National Australia Bank's 'introducer program' is the first case investigated by the financial services royal commission. The commission heard NAB sacked five bankers in November 2015, including one who was the subject of concerns raised by another whistleblower in April that year.

Australian inquiry hears CBA knew risks but put mortgage 'volume' ahead of customers

  Australian inquiry hears CBA knew risks but put mortgage 'volume' ahead of customers <p>Commonwealth Bank Chief Executive Ian Narev knew that a system of financial incentives to reward mortgage brokers could hurt customers but failed to act, an inquiry into Australia's financial sector heard on Thursday</p>A confidential letter penned by Narev in 2017 and disclosed on the third day of the financial sector Royal Commission criticised the practice of paying brokers more for bigger loans, an incentive still widely in place including at CBA.

NAB 's use of home loan "introducers", including at least one gym owner, and the bank 's alleged loose lending practices resulted in signatures of customers being forged and false Eleven staff were accused by the whistleblower of being a part of a bribery ring including six branch managers.

On its second day of hearings, the banking royal commission has heard that five staff at the National Australia Bank ( NAB ), including two branch managers, were sacked over a scandal allegedly involving cash being paid in envelopes for new loans .

The matter was not reported to the Australian Securities and Investments Commission until December 2015, outside the required 10 days.

"NAB knew enough to sack five employees for dishonesty and for conflict of interest, is that right?" Commissioner Kenneth Hayne QC said to senior NAB executive Anthony Waldron.

"It knew enough by November to sack people for those reasons. Are you telling me it didn't know enough to tell ASIC that there was a problem?"

Mr Waldron, NAB's executive general manager of broker relationships, said he was not directly involved with the assessment and did not know why the decisions were made.

Ms Orr said 60 bankers including branch managers were involved in varied levels of misconduct connected to NAB's introducer program, which pays commissions to people outside the bank such as financial planners and accountants for successful lending referrals.

It included falsified loan documents, dishonestly putting customer signatures on forms approving introducers' commissions and the provision of unsuitable loans.

Ms Orr said the introducer program was extremely profitable for NAB during the period when the misconduct occurred, bringing in more than $24 billion in home loans from 2013 to 2016.

Twenty bankers were sacked or resigned while others were reprimanded.

Mr Waldron said the number of home loans that may have been submitted without accurate information and documentation was believed to be less than 2480.

NAB CEO Andrew Thorburn said the bank had made extensive changes to the introducer program but what occurred was regrettable and unacceptable.

"They should not have happened in the first place, and they show that we haven't always done right by our customers or treated the community with respect," he said in a statement.

'Unreasonable territory': ATO lashed for measuring staff performance by debt payment .
Bosses at the Tax Office are measuring staff performance by taxpayer debt payments.The Australian Services Union representing tax officials has lashed the benchmark as "unfair and unreasonable" to staff making payment plans with people owing unpaid taxes, saying its public servants had no control over the payments afterwards.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!