Australian Bank Fined $15 Million for Fraudulent Loan Scheme That Generated Billions in Revenue

Australian Bank Fined $15 Million for Fraudulent Loan Scheme That Generated Billions in Revenue
The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney, Australia August 4, 2017. Reuters/David Gray/File Photo
Sophia Jiang
Updated:

The National Australia Bank (NAB)has received a $15 million fine from the Federal Court for its 19-year home loan referral scheme known as the Introducer Program.

The controversial scheme, which was terminated by the bank in late 2019, after increasing regulatory scrutiny, had allowed unlicensed and untrained “introducers” to earn a commission from NAB for bringing in customers who ended up taking out a home loan.