i think people are jumping at shadows here. There is significant risk in holding deposits for MSBs and other FIs who want to deposit client funds into a single aggregate account. Westpac will probably make bugger all from the account/relationship so why would it take the risk? There are enough ADIs around that WBCs non-participation is unlikely one of stiffling competition. Obviously WBC were not satified that KYC/AML was robust enough. its a risk return calc. the relationship manager and the risk team go 'ok, how much money are we going to make from this account? and what trouble can we get into if AML/KYC of the neo bank is not sound enough and we end up holding funds of a blacklisted entity or our systems are used to facilitate a transaction on behalf of the neobank for a blacklisted entity'.
big banks struggle with AML and KYC so for everyone to think Novatti's neobank has no holes in its process is optimistic.
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