The head of Australia’s financial crimes watchdog has warned of a growing insider threat within the banking sector as it grapples with expanding mortgage fraud and gears up for a sweeping crackdown on money laundering across the accountancy, legal and real estate sectors.
AUSTRAC chief executive Brendan Thomas made his comments amid an ongoing collaboration between the watchdog and 10 of the nation’s largest banks to determine how widespread mortgage fraud is across the sector and whether properties funded through the proceeds of crime should be seized.
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