JCoure... I'm just catching up on this conversation, and (if...

JCoure... I'm just catching up on this conversation, and (if you're a banker) listening/reading through the discussion points would really hurt their heads.

I'm not sure what you're background is, but from the comments you've made, it's definitely not in banking, payments or fintech by the looks of it.


Firstly a couple of questions you've raised and points you posted which I'd like to add insight to
(i'm not sure if this has already been address by other commentors so forgive me if i've just repeated)

Skimming through your comments the questions worth answering.

1. Why would anyone overseas want to open up accounts here.
Plenty of reasons.
- Backpackers (Working Holiday Visa Holders) looking for work btw they also need to verify they have certain funds prior to coming to Aus which as of this point is NO verification process.
- Overseas students looking to secure lodging, school fees, prepare for expenses etc.
- Overseas investors for the purposes of Foreign Investment (which is totally legal in case you didnt know).
- Basically ANYONE that is looking to hedge their currency risk and lock in currency for the purpose of future expenditure in the country, which might I add is a good thing for Australia from a macroeconomic pov.


2. This overall thematic of the Industry paying fines
It might be worth looking into them in more detail.
CBA - AUSTRAC Fine, breaches due to not reporting Threshold Transactions of >$10,000 through their smart ATMs which is an AML/Anti Terrorism Act requirement and was a change management blunder failure by the late Ian Narev (nothing to do with funding pimps and hoes [ your words not mine]).
WBC - AUSTRAC Fine, where reporting breaches were identified, which media speculates relates to transactions involved in so called child trafficking like behaviour'
Westpac as only really had one confirmed link to Sex Trafficking related Beneficial Owners (around 2014-2016) I can't remember the case but since then the Banks (all the banks) requirements to verify ID and complete KYC has increase significantly.
BASICALLY IoBA is too small to get this wrong (yet) but significant enought to put proper Risks and Governance in place to get it right first time.

Westpac, CBA, NAB and ANZ all been operating for ~100 years now, imagine clients that set up their bank accounts pre digital era that now have to re-identify and re-verify because of APRA changes. NOV doesn't need to do that. It's agile and nimble enough to adapt with the changes.

3. The Royal Commission
Yes they called it the Royal Commission. You can't use the phase 'or whatever they called it' and expect people to take you seriously mate. It just kills all confidence in what you're saying.
Anyway, to my point.
The Big Ol' Royal Commission was related to Responsible Lending Practices and the Unethical Practice of Insurance Sales, Wealth Advisory and Management. Which Novatti... ding ding ding isn't even involved in yet! (if and when they decide to get an ACL).
That said the landscape continues to change in that arena too.


TLDR: Bascially, all your points you've raised aren't even areas to worry about, but areas where Novatti has the abilty to distrupt, and capitalise on.

Dude. just... I don't know.

Just stop regurgitating garbage... it's just meaningless.