Bitcoin Babe Denied by 91 Banks, Put on Terrorism Watchlist, Bullied by Austrac

[ad_1]

Ms Juric told the committee that she had previously had dealings with Austrac that included legal threats, but the financial intelligence watchdog had taken no action against her at any time.

The way I was approached was quite aggressive. Originally this happened when we wanted to review your compliance manual, and if we find any issues your business will shut down, and there have been all kinds of threats of legal action, she said. .

I think there are certainly bullying tactics going on, at least from a small business perspective as opposed to the big one, I believe.

Ms Juric said that in addition to shutting down her business, the banks also removed her personal accounts and the accounts of people she was related to or lived with. Lenders who were doing this included the Commonwealth Bank, where she had had an account since she was five, she said.

I’ve had banks that have gone so far as to report me as a terrorist on certain databases, and that’s what kept me from being able to get some of these services, she said.

Which is clearly not the case. I mean, if I’ve been doing this for seven years, if I was doing something wrong, I think I’d be locked up at this point.

Loading

Representatives of Aus Merchant and Nuim told the investigation that their companies had been debunked by financial institutions, although Aus Merchant was working with its current bankers to resolve their issues by offering to submit more detailed information on its activities.

Michael Minassian, head of consumer activities at Nuims Asia-Pacific, told the survey he thought it was a common theme that groups were being kicked out because they were competing with banks.

It’s in the terms and conditions of the banks, (they can) stop offering services at their convenience. So to that end, there is no real possibility to appeal the decision and get more clarity on why you would be refused.

The reasons given by the banks are very opaque, Mr. Minassian said.

The Commonwealth Bank, along with other major lenders, presented an inquiry brief defending its practices.

As part of our ongoing due diligence with clients, we seek to understand their business and, at times, may need to request information about their source of funds and source of wealth.

This increased customer due diligence requires an assessment of our business customers to determine the level of risk they represent, to ensure that the CBA puts in place commensurate systems and controls to mitigate and manage its ML / FT risk.

In cases where a client’s source of funds and source of wealth cannot be determined, or if their account activity is not consistent with known business activities, the group will take appropriate action to mitigate and manage its ML / FT risk, the CBA said in its submission.

This may include the termination of the business relationship with the customer.

The Market Recap newsletter is a summary of trading days. Get it every weekday afternoon.

[ad_2]