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” — businesses having

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