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Westpac were warned, they still failed to comply and belatedly admitted it. They saved money by running their own system and didn't put enough resources behind it to make it work. They have now closed it down.ANZ has dropped a lot also I note. Since they have been cleared by Austrac maybe that would be a better buy? ANZ spent a lot of money and resources ensuring they complied. It also helped that they operate more internationally.The danger for the banks long term isn't little mini banks , it's companies like Amazon, Google and Apple. Already Apple has their fingers in their pie. Also this present oligarchy is ripe for international competition.
Westpac were warned, they still failed to comply and belatedly admitted it. They saved money by running their own system and didn't put enough resources behind it to make it work. They have now closed it down.
ANZ has dropped a lot also I note. Since they have been cleared by Austrac maybe that would be a better buy? ANZ spent a lot of money and resources ensuring they complied. It also helped that they operate more internationally.
The danger for the banks long term isn't little mini banks , it's companies like Amazon, Google and Apple. Already Apple has their fingers in their pie. Also this present oligarchy is ripe for international competition.
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