de-banking - urgent response request
September 26, 2015
To the Remittance Industry,
Most of us can agree that the De-banking issue is perhaps the single greatest threat to the survival of our individual businesses and sector as a whole. With nearly all members now down to their last account and the prospect for remittance businesses to open new accounts virtually impossible, it is of the highest priority that we all work together to address this critical vulnerability.
A key government minister is actively assisting us with our case, and we now have a rare opportunity to provide evidence from our sector of de-banking conduct from the banks. This is our chance to demonstrate how widespread the problem is and the absence of a risk based approach from the banks with their customers due diligence (CDD), but we must act fast.
We would greatly appreciate your urgent attention and prompt assistance so we can take advantage of this breakthrough for the benefit of us all.
There are 2 action items we need from you.
1. Bank account closure letters
Please scan (preferably) in .pdf file format) and email account closure letters you have received from a bank/s to info@arcpa.org.au. You are welcome to block out your name before sending it, or we will gladly do it at your request from our end.
2. Survey on Debanking
Complate the survey on Debanking. CLICK HERE TO START THE SURVEY
We recently met with the AUSTRAC CEO who informed us that IFTI reporting reveals that there is no evidence that de-banking is a real issue for our sector. We are conducting a survey to obtain information on the reality of the situation. Please urgently complete this survey by Wednesday 30th of September.
Most of us can agree that the De-banking issue is perhaps the single greatest threat to the survival of our individual businesses and sector as a whole. With nearly all members now down to their last account and the prospect for remittance businesses to open new accounts virtually impossible, it is of the highest priority that we all work together to address this critical vulnerability.
A key government minister is actively assisting us with our case, and we now have a rare opportunity to provide evidence from our sector of de-banking conduct from the banks. This is our chance to demonstrate how widespread the problem is and the absence of a risk based approach from the banks with their customers due diligence (CDD), but we must act fast.
We would greatly appreciate your urgent attention and prompt assistance so we can take advantage of this breakthrough for the benefit of us all.
There are 2 action items we need from you.
1. Bank account closure letters
Please scan (preferably) in .pdf file format) and email account closure letters you have received from a bank/s to info@arcpa.org.au. You are welcome to block out your name before sending it, or we will gladly do it at your request from our end.
2. Survey on Debanking
Complate the survey on Debanking. CLICK HERE TO START THE SURVEY
We recently met with the AUSTRAC CEO who informed us that IFTI reporting reveals that there is no evidence that de-banking is a real issue for our sector. We are conducting a survey to obtain information on the reality of the situation. Please urgently complete this survey by Wednesday 30th of September.
This survey is open to all remittance survey providers in Australia. Please feel free to forward this communication to other remittance providers including non-members.
This survey is intended for to provide evidence based information to the Government on how this is a threat to our survival. We must be able to show statistics and summary of the reality. Information specific to your organisation will NOT be disclosed.
In the survey, there will be structured multiple choice questions as well as the opportunity for you to write in free text of how the debanking problem has impacted your business.
Once again, we cannot stress enough how time is of the essence, so please send those letters in and complete the survey without delay.
We look forward to hearing from you. Thank you.
ARCPA
This survey is intended for to provide evidence based information to the Government on how this is a threat to our survival. We must be able to show statistics and summary of the reality. Information specific to your organisation will NOT be disclosed.
In the survey, there will be structured multiple choice questions as well as the opportunity for you to write in free text of how the debanking problem has impacted your business.
Once again, we cannot stress enough how time is of the essence, so please send those letters in and complete the survey without delay.
We look forward to hearing from you. Thank you.
ARCPA