Money ASIC bans ex-NAB branch manager for fraud

02:32  12 july  2018
02:32  12 july  2018 Source:   msn.com

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Security home. Fraud warnings for all NAB customers. Branch , ATM and Business Banking Centre hours are displayed below. You can also check to see if your branch is closed for lunch.

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National Australia Bank© JOEL CARRETT/epa/Corbis National Australia Bank The banking regulator has banned a former National Australia Bank branch manager for seven years for "reckless" loan fraud.

Rabih Awad was found to have given NAB false payslips, letters of employment, and entered false referee contact details in multiple loan applications, with the majority linked to a real estate agent who had been registered as a so-called introducer.

ASIC enforced the ban after NAB reported allegations that some employees in western Sydney were accepting false documents in support of loan applications and falsely attributing loans to obtain undue commissions.

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NAB welcomes ASIC ’s decision to ban two former NAB bankers, who were investigated by ASIC for loan fraud . NAB Media Team. 03 8641 0180. Please note this contact number is for journalist enquiries only. For customer enquiries, please call 13 22 65.

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ASIC said Mr Awad recklessly gave NAB information and documentation that was false or misleading, with documents coming directly from the supposed introducer rather than - as required by NAB - from the customer.

NAB has identified about 2,300 home loans that since 2013 may have been submitted with inaccurate customer information and documentation, or incorrect introducer information.

NAB announced a remediation program for affected customers after uncovering the issue when whistleblower reports prompted an internal review.

Mr Awad has the right to appeal.

Australians over-claim $8.7 billion in tax .
Individual Australians have cost the federal government coffers almost $9 billion in income tax receipts in 2014/15, new analysis shows.Australians over-claiming on their tax returns took almost $9 billion out of the federal government's budget in just one financial year.

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