Financial Crime Financial Crime

Banks may use AML rules as an excuse to dump unviable clients, Australian official warns

By James Panichi
  • 26 Oct 2021 22:13
  • 27 Oct 2021 06:51
Australian financial institutions may be using compliance with anti-money laundering laws as an excuse to close down accounts that they believe are simply not commercially viable, the country’s top financial-crime enforcer has said.
Responding to questions from lawmakers in Canberra this week, Nicole Rose said that the practice of “debanking”

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James Panichi

Senior Editor, Asia Pacific

James, an Australian journalist with over 25 years’ experience in print and electronic media, helps to oversee MLex’s coverage of regulatory risk in Asia, with special attention to Australia and New Zealand. In 2016, James was appointed as MLex’s managing editor for continental Europe, overseeing the Brussels bureau’s coverage of EU regulatory affairs and managing a team of 16 journalists in Brussels and Geneva. Previously James worked for the European Voice newspaper, before joining the European operation of US political website Politico as an investigative reporter specializing in governance, transparency and lobbying.

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