AUSTRAC has exposed a massive mortgage fraud scheme involving hundreds of millions in dodgy loans across ten major Australian banks, revealing systemic flaws that let borrowers inflate incomes, fake jobs, and hide debts — creating loopholes for dirty money. Operation Claw, backed by police and the ATO, found “liar loans” were more common through brokers, not direct bank applications. AUSTRAC’s head warned lenders: fix your systems now or face consequences, as post-loan recovery is far harder than stopping fraud at the source. Banks are scrambling to collaborate with regulators and push for better tax data access to prevent future breaches.
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