The banking royal commission has berated National Australia Bank for failing to formally report fraudulent bankers to the corporate regulator within timelines set down by the Corporations Act.
Counsel assisting also suggested the bank may have been trying to deceive the Australian Securities and Investments Commission as it put defending its own reputation ahead of customers.
The inquiry continued on Wednesday following revelations NAB employees accepted cash bribes in white envelopes to facilitate loans based on fake documents.
NAB's Anthony Waldron denied the reference to a "straw man" in internal documents suggested it was attempting to dupe the regulator. Royal Commission
NAB's executive general manager for broker partnerships, Anthony Waldron, was asked to interpret a document prepared for an October 2016 meeting that stated: "A straw man has been prepared with respect to the strategic engagement with ASIC about the greater western Sydney introducer fraud matter".This article was first published by https://www.afr.com/
Author: James Eyers