that NAB terminated key banking services from $3 billion-valued Airwallex - one of the nation’s most hyped fintech startups, in 2018. Multiple sources said the services were pulled due to red flags around Airwallex’s customers and suspicious transaction patterns. Airwallex subsequently approached Citigroup, but was unsuccessful.
An ANZ spokesman said the bank cannot discuss individual customers but was fully aware of its legal obligations to prevent money laundering and terrorism financing. “We conduct additional due diligence on any business involved in international payments,” the spokesman said. Melbourne-based Airwallex has over the past five years emerged as one of Australia’s most celebrated startups. The company enables small businesses to quickly and cheaply send money to 130 countries in 23 currencies, according to its website.It is the fastest Australian company to achieve unicorn status - a private market valuation of $1 billion.