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The ACCC in its decision regarding ANZ and Suncorp appears to agree with us that the consolidation of Australian banking behind very few players with enormous problems countering money laundering and the banking of paedophiles amongst other issues remains rampant.
Not good for the money launderers and not good for the large banks who run the risk of being broken up.
Braking up Westpac, especially St George Bank, Bank of Melbourne, Bank SA, remains a real possibility if they cannot stop the scandals, the fraud, the money laundering and the financial crime/ bad loans.
Westpac's $1,000,000,000 AUSTRAC Settlement?, page-300
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