Why Are Banks Closing Down Money Transfer Operator Accounts and How Does iRemit Plan to Deal With This?

 

If you’ve been a loyal iRemit client, you may have received an email from us about our National Australia Bank (NAB) account closing. (All together now, awww….)

 

The thing is, iRemit is but one of the many money transfer operators (MTO’s) facing this conundrum. Because of the renewed focus on anti-money laundering and the rise of some astonishingly well-funded terrorist groups, banks are now under a whole lot of pressure from counter-terrorism laws.

 

Since it would be very difficult (if not impossible) for banks to make sure that every customer of their remittance clients – and each recipient of those funds – have no links to criminal groups wanted by authorities, they’ve chosen to sever ties with their MTO clients to avoid potentially compromising their company’s reputations.

 

We could go on and on about the consequences of this motion, but we here at iRemit prefer to focus on solutions.

 

 CommBank and Poli Why Are Banks Closing Down Money Transfer Operator Accounts and How Does iRemit Plan to Deal With This?

 

To all our loyal clients, we’d like to reassure you that we remain operational despite the loss of our NAB account. There might be fewer options available right now, but you can still make use of our money remittance services via CommBank and Poli.

 

We are optimistic that the relevant authorities will find a more balanced solution to this issue soon, but we will not cease to find other, better ways to serve you in the meantime.

Serena Estrella

Serena joined iRemit back in 2016, and has tormented its Marketing Head constantly ever since. To get through the rigors of writing about grave concerns like exchange rates, citizenship requirements, and PH-AU news, she likes to blast Mozart, Vivaldi, ONE OK ROCK, and Shigeru Umebayashi in the background. She does a mean Merida voice in her spare time too.

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