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…
Continue Reading
-
General21 hours agoSearch underway for missing boat off South Australia’s Cape Jaffa
-
Noosa News22 hours agoQueensland coroner investigates ‘extremely unusual’ deaths of premature twin boys
-
Noosa News23 hours agoChristmas tragedy: NSW woman dies after alleged deliberate hit-and-run on Sunshine Coast
-
General24 hours agoReuven Morrison was killed in the Bondi Beach shooting one year after warning about antisemitism