The real cost of Australian bank secrecy

The real costs of Australian banks’ refusal to reveal how much money they make from selling accounts and money laundering to the public are mounting, writes David Rutter.

The cost is staggering, and it’s a big reason why the Government has chosen to take its time on the issue, with the Federal Government set to release its first national bank secrecy report by the end of this month.

The report, due out on Thursday, will show how much Australia’s banks are profiting from a secretive model that allows them to shield money flows from regulators and the public, despite a raft of reports that show banks are making money from the business.

It’s a model that has been exposed by the International Consortium of Investigative Journalists, which said the country’s biggest banks have made a whopping $1.6 billion from money laundering in the past three years.

“What we’ve found is that Australian banks are operating under a very thin line between what is legitimate and what is criminal,” Australian Federal Police Commissioner Andrew Colvin said.

Mr Colvin also said he was concerned the report would show how many Australian banks were failing to comply with the rules.

He said banks were also “disciplined” when it came to protecting the integrity of their business.

“The bottom line is that we are looking at how to make our banking system more resilient, we’re looking at what can be done to better monitor and protect the integrity and the safety of our financial system,” Mr Colvin told the ABC.

What the Federal Treasurer, Scott Morrison, says about Australian banks The Treasurer said he’d like to see more transparency from the Australian banking industry.

But he also said the report was a welcome first step, and he welcomed it for helping the Government understand the risks associated with the system.

Under the Financial Services Act, banks are required to reveal the amounts they are making from customers and from other transactions to the Australian Securities and Investments Commission (ASIC).

They must also publish their financial statements and disclose how much revenue they generate from those activities.

However, it’s not clear whether banks are being honest with regulators and public about their business activities.

The Federal Government has so far only revealed how much it is making from its accounts and how much the banks are receiving.

On Tuesday, the Australian Competition and Consumer Commission (ACCC) announced it would be looking into whether the Australian banks have violated consumer protection laws by failing to keep information about their accounts and accounts transactions private.

Last year, ASIC revealed it was investigating whether bank accounts were subject to excessive reporting.

This year, the regulator said it would also be looking at whether banks were reporting how much they were making from money launderers.

In its submission to the report, ASIC said it had received more than 500 complaints about the disclosure of information about bank accounts.

ABC/wiresTopics:bankers,financial-services,business-economics-and-finance,government-and ofcom,law-crime-and.crime,crime-prevention,consumer-protection,consumer,consumerism,banking,wealth-security,banked-up-and…