Op risk data: Westpac and Sumitomo among four banks hit by $359m fraud
Also: Misinformation in Lloyds Bank insurance renewals; AML fail at Amex France. Data by ORX News
In July’s largest loss, Westpac was defrauded of US$255.1 million by Sydney-based equipment lease company Forum Finance. It was one of four financial institutions caught up in the scheme, which involved using false invoices and forged signatures to fraudulently obtain loans.
According to Westpac, the alleged fraud related to a portfolio of equipment leases with Westpac customers that were arranged by Forum Finance. The latter offered and arranged lease financing from banks to its clients for
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