Remitters fight back 19 November 2014 4:29PM John Kavanagh Remittance companies have formed a new industry body to fight against the threat that banks will shut down their accounts. The Australian Remittance and Currency Providers Association claims to represent more than 5000 registered money transfer operators, which facilitate more than 80 million transfers worth A$30 billion a year.ARCPA director Dianne Nguyen said in a media release that remitters faced the real risk that banks would shut their accounts."Loss of access to banking services would be the death knell for the industry," Nguyen said.Remitters have been in the news this year, following moves by the anti-money laundering and counter-terrorism financing regular Austrac to suspend or cancel the registration of a number of businesses that posed money laundering or terrorism financing risks.Nguyen said banks had adopted the view that the best way to mitigate the risk of exposure to such companies was to stop doing business with all money transfer operators.The Australian Financial Review reported that Westpac planned to shut the accounts of money transfer operators on November 24."Today the money transfer industry is well regulated. Our members have close and co-operative relationships with the regulator and law enforcement agencies," she said.According to ARCPA, 90 per cent of money transfers out of Australia are made to developing countries, with an average transaction size of $300. "The vast majority of destination countries present no threat to terrorism financing," Nguyen said.