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Contact UsSFS11362022-03-19T02:54:10+00:00

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1138 Heatherton Rd, Noble Park, VIC 3174

Dear Valued Customers,

I am writing to inform you that, due to the recent closure of our bank accounts, Serendib will no longer be able to accept any transactions after 23rd August 2024. This decision was communicated to us recently, and we want to provide you with the full context behind it.

Background on De-Banking Issues

Since as early as 2014, remittance businesses like Serendib have faced significant challenges in maintaining banking relationships. This is due to the categorization of remittance businesses as high-risk by financial institutions. The banks, in an effort to comply with Australian law and avoid severe penalties, have increasingly disallowed bank accounts for remittance companies. Past incidents, such as the $700 million fine imposed on Commonwealth Bank in 2018 and the $1.3 billion penalty against Westpac in 2020, have further prompted banks to minimize their risks by withdrawing support from the entire industry.

Serendib’s Commitment and Compliance

For the past 27 years, Serendib has always focused on sending dollars directly to the Bank of Ceylon (BOC) treasury in Sri Lanka. This has been our sole method of supporting Sri Lanka directly. Myself and the late Mr. Haneef Bardurdeen have ensured that Serendib consistently complied with the Anti-Money Laundering and Counter-Terrorism Act in Australia. We have invested tens of thousands of dollars each year in audits, compliance reporting, and IT support to maintain the highest standards of integrity and legality.

Current Situation and Discontinuation of Services

In 2020, we faced a similar situation when we could not find a legitimate bank to support our operations. Unfortunately, we are now experiencing the same issue. Until I can secure another banking partner that is willing to support us, I will no longer be able to accept transactions. I have made this difficult decision to ensure that we continue to uphold our commitment to compliance and legal standards.

Our Continued Services

While our money transfer services will cease, our office in Noble Park will remain open to provide taxation and accounting services. We value our relationship with you and look forward to continuing to serve you in these areas.

We extend our deepest gratitude for your continuous support over the past 27 years. It has been an honor to serve you, and we deeply value the trust you have placed in us. We look forward to continuing our relationship through our taxation and accounting services.

Yours faithfully

Dammika Wijesekera FCPA, CA (SL),Bsc (Acct)

Managing Director, Serendib Financial Services

1138 Heatherton Road, Noble Park, Victoria, Australia 3174

Telephone: (03) 9574 1100 | (03) 9574 0500 | Mobile 0449 137 414

Web: www.serendib.com.au

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