Loan fraud lands ANZ in trouble

ANZ failed to properly verify hundreds of car loans, which will result in $10m in refunds and penalties.

From the article:

Twelve of the 320 contracts form the basis of ASIC’s civil court proceedings against ANZ.

“[ANZ] knew that payslips could be easily falsified and it had reason to doubt the reliability of information from the particular broker businesses,” says the watchdog.

“This action relates to ANZ’s own responsible lending obligations, which require lenders to take reasonable steps to verify the information provided by borrowers.”

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