Bank accounts are the starting point and end of fund flows, as well as the basis of giro settlement, cash deposit and cash withdrawal, which record the tracks of social funds flow. As a component of financial infrastructure, the online verification system has a great significance in and a far-reaching impact on the implementation of the use of real names for bank accounts.
Warrnambool passes that test and is an important agricultural and tourist centre, so it is a fitting venue for this meeting. I would also like to thank the Mayor of Warrnambool, Councillor James Nicol, for his hospitality in hosting a civic reception for the Committee and the members of the Bank appearing before it.