The lobby group says it’s almost impossible for the sex industry to secure banking services if they disclose their occupation.
AUSTRAC’s report on debanking issued in October 2021 made clear it wanted banks to stay engaged with risky industries to protect the economy from criminals who might launder funds out of the country.
Mr Roberts said one big four bank chose to debank a legally operating brothel owner’s entire family, including his healthcare worker sister, in what he described was one “egregious” example of how the practice operates.“This licensed brothel owner, who was subjected to a lifetime ban by a major bank, which then chose to debank other members of his immediate family who were not in any way involved in the sex industry,” Mr Roberts said.
The financial crime regulator put the onus back on businesses to be ready to provide information to show they operate legitimately and that they have invested in systems to mitigate risks, such as human trafficking and modern slavery.
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