Westpac sounds ‘death knell’ for remittance industry
The Australian Remittance and Currency Providers Association says Westpac Banking Corp has refused to extend its Monday deadline for closing the accounts of money transfer operators.
The association representing 5500 registered remitters says Westpac Banking Corp has refused to extend its Monday deadline for closing the accounts of money transfer operators (MTOs).
The Australian Remittance and Currency Providers Association (ARCPA) met with the bank on Friday in an attempt to extend the deadline, which was imposed after Westpac’s correspondent banks suggested they would no longer be willing to clear US dollar trades given the heightened concerns about breaching terrorism financing and anti-money laundering laws.
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