By CAM LUCADOU-WELLS
MONEY exchanges in Dandenong whose bank accounts have been mysteriously closed by the ‘Big Four’ banks are frantically searching for ways to save their businesses.
In latest developments last week:
– Bashir Keshtiar, president of the Australian-Afghan Business Council, said he was in negotiations with “a couple of local banks” to fill the gaps.
– Greater Dandenong Council is also making representations on behalf of the traders to the Office of Multicultural Affairs and Citizenship as well as Westpac, NAB, ANZ and the Commonwealth Bank.
The 10 affected remitters in Dandenong are popularly used by migrants, refugees and asylum seekers from Iran, Pakistan and Afghanistan to send money home to needy family members.
“We know the big banks themselves (without the local money exchanges) can’t provide these services to remote parts of Afghanistan,” Mr Keshtiar said.
“I myself can’t trust the banking system in Afghanistan to transfer money quickly. That’s why we rely on (local remittance services).
“It’s a big problem that will affect the clients and community. It means these services will shut down.”
Mr Keshtiar said traders continued to be mystified as to why the bank accounts were closed, though conceded terrorism-funding fears may be a possible reason.
Last week a man in Melbourne’s west was arrested and charged with six counts of intentionally making funds available the Islamic State and Al Qaeda affiliate Jabhat al-Nusra.
“We just need a degree of openness,” Mr Keshtiar said.
“If there’s more restrictions and regulations, we are happy to abide by it.
“But if you don’t know why… you get offended.”
As reported in the Journal last week, the traders had been told by Westpac that it was set to shut down their accounts this month for “policy” reasons.
Managers of MP Exchange in Thomas Street said it is registered and reports regularly to the federal Australian Transactions Report and Analysis Centre (AUSTRAC).
Director Ali Parwarish said he did not know what he could do to save the business because “we don’t have enough information”.
He said it was not fair if his Afghan Hazara-run exchange was being put in the same category as those used for terrorism funding.
“We’re the ones affected by terrorism funding in the Middle East. We’re the victims of that.”
AUSTRAC released a report on terrorism funding this year, noting remitters were vulnerable to exploitation by terror groups.
“AUSTRAC is aware that some banks have taken… a decision to exit remittance sector customers in some circumstances,” a spokeswoman told the Journal.
Reasons included a bank not comfortable with “the level of risk that it is exposed to by maintaining the accounts of particular customers”.
