Westpac's $1,000,000,000 AUSTRAC Settlement?, page-261

A bank guarantee is a bailout. Pure and simple. Glad you admit that a bailout occurred in the form of a guarantee which does or rather did cost the Australian Federal Government money you know.

It is how credit works, and how banking works. Bank guarantees have a cost.

These costs are being squandered when banks are becoming susceptible to frauds, scams and money laundering. offshoring employees from Melbourne and Sydney to far flung low cost low value places like Bengaluru and then customers wonder why they have been defrauded and scammed.

The banks should be properly resourced, should stop the frauds and scams, and should not treat Aussies and customers as they have down there for all these years.