Business
Bank account shutdown hurting communities sending $10 billion a year to family overseas – ABC News
Bank accounts of African-Australian businesses are being shut down as an “unintended consequence” of a crackdown on money laundering by major banks. For people…
The multicultural miracle of Australia is also a $10 billion money machine, as residents support relatives abroad with payments called ‘remittances’.
Key points:
- Australians send $10 billion annually in remittances, helping family around the world
- Huge fines for breaching money-laundering laws has seen banks close the accounts of legitimate businesses
- Customers now have to deal in cash and are increasingly pushed to unregistered, underground operators
That’s the amount sent overseas annually, helping…
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