Australian Financial Reporter

AUSTRALIA’S banks are not prepared to take a hit in the face of mounting pressure on the country’s banks over a $6.7 billion fraud investigation, but have admitted that there are a number of problems in their systems and they are looking at ways to improve.“We do have some issues in our systems,” chief executive…

Published by admin inJune 10, 2021
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AUSTRALIA’S banks are not prepared to take a hit in the face of mounting pressure on the country’s banks over a $6.7 billion fraud investigation, but have admitted that there are a number of problems in their systems and they are looking at ways to improve.

“We do have some issues in our systems,” chief executive Andrew Wilson said.

“There are some issues with our reporting of transactions.

We have not been able to get the reporting system up and running for a long time.”

Mr Wilson said banks would review their systems as part of the inquiry.

Mr Wilson also confirmed that some banks were investigating the possibility of relocating their cash centres, after a number were recently accused of doing the same.

“The evidence of our banks is that they have to be better in their reporting,” Mr Wilson told reporters.

“It’s a huge issue.”

Mr Barrick said he expected the investigation would be completed by the end of the year.

“I think it’s going to take the rest of this year,” he said.

Mr Barney said that as a result of the inquiries, some banks had stopped transferring cash to other financial institutions because they thought they would have to repay their loans to the government.

“They’re not going to be able to do it because they have a problem with the system,” Mr Barneys said.

The banks have already made significant changes to improve their systems.

Mr Brown said he hoped that by next year they would be able “to continue to operate in the same way”.

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