Banks pushing Australians to go digital without ‘asking’


May 14, 2025

Sky News host Liz Storer discusses the push towards a digital currency for Australia.

Ms Storer said banks are pushing Australians to go digital and “not asking”.

A customer spoke with the media after Commonwealth Bank asked him why he had cash in his home.

“Cash is still very important to people, but of course, the authorities don’t like that.”


https://www.youtube.com/watch?v=fMBo9zYIJYE

CommBank criticised over 'Orwellian' demands for financial information.

https://www.youtube.com/watch?v=eyLmKkr4ng0



May 15, 2025

SQM Research managing director Louis Christopher has criticised CommBank after it threatened to shut off his accounts unless he complied with "Orwellian" requests about his financial information.

Mr Christopher took to social media on Tuesday to express his disgust with an email sent to him by the major bank, demanding to know how he acquired his wealth, why he had made transactions to certain parties, why he had made cash withdrawals, and whether he kept any cash at home.

CBA said his accounts would be suspended this week if he failed to hand over the information.

“This is a security risk for me and my family,” Mr Christopher told Sky News Australia.

“Effectively, I felt like I had a gun held to my head, if I didn’t answer these questions correctly.

“I’ve had thousands of responses … of people who have had their accounts frozen over this.”

It's all because of AUSTRAC.


Google AI


AUSTRAC (Australian Transaction Reports and Counter-Terrorism Financing) has imposed fines on several banks for breaching anti-money laundering and counter-terrorism financing (AML/CTF) laws. These breaches have involved failing to properly report international funds transfers, failing to pass on information about the origin of funds, and failing to keep adequate records.

Notable Fines:

Westpac:
AUSTRAC and Westpac agreed to a proposed $1.3 billion penalty in 2020 for breaches of the AML/CTF Act, including failing to report over 19 million international funds transfer instructions (IFTIs). The Federal Court of Australia ordered Westpac to pay the penalty.

Commonwealth Bank of Australia (CBA):
AUSTRAC and CBA agreed to a $700 million penalty in 2018 for breaches related to its Intelligent Deposit Machines (IDMs), which were being used to launder illicit proceeds.

Other Banks:
AUSTRAC has also taken enforcement action against other banks, including ING Bank Australia.

This is why I save in physical junk gold and silver for bartering during natural disasters. Also to be ready for black and brown swans events such as cyber attacks on the banking system, internet cable cutting, ai warfare, and so on.

Some savings, go into crypto such as Monero, so it's private and also outside ofthe old system.

Also hold cash.

Bottomline, if people think they have value in the bank, they don't. It's an unsecured loan to the bank and the bank doesn't have to pay it back.



Politically, we are overdue for the big four banks to be broken up.

Ai_Took_Our_Jobs wrote on May 21^st, 2025 at 7:07pm:

This is why I save in physical junk gold and silver for bartering during natural disasters. Also to be ready for black and brown swans events such as cyber attacks on the banking system, internet cable cutting, ai warfare, and so on. Some savings, go into crypto such as Monero, so it's private and also outside ofthe old system. Also hold cash. Bottomline, if people think they have value in the bank, they don't. It's an unsecured loan to the bank and the bank doesn't have to pay it back. Politically, we are overdue for the big four banks to be broken up.

I know someone who was refused a used car from a used car dealer when
he tried to pay for it with $12K of cash.

The car dealer told him to deposit the money in the bank and supply a bank cheque -
which he did so he could buy the car.

AUSTRAC requires that the bank 'knows their customers'.

If they don't query large and unusual transactions by their customers that turn out to be money laundering, the bank can be held liable for abetting a crime.

So, don't blame the banks.

Real journalists would know this.

MeisterEckhart wrote on May 21^st, 2025 at 10:08pm:

AUSTRAC requires that the bank 'knows their customers'. If they don't query large and unusual transactions by their customers that turn out to be money laundering, the bank can be held liable for abetting a crime. So, don't blame the banks. Real journalists would know this.

it's not just large transactions. Its also a stupid annual requirement that you have to disclose where you make your money or they freeze your accounts annually. It's over the top. My bank threatened to close my accounts, and my business is next door to them. They know very well how i make my money. I originally missed the email and only just spotted it in time.  It's overreach by Austrac

John,

Quote:

They know very well how i make my money.

A rent boy?    :-[

Bobby. wrote on May 21^st, 2025 at 10:45pm:

John, [quote]They know very well how i make my money.

A rent boy?    :-[/quote]

sorry goober, i'm not hiring

John Smith wrote on May 21^st, 2025 at 10:39pm:

MeisterEckhart wrote on May 21st, 2025 at 10:08pm: AUSTRAC requires that the bank 'knows their customers'. If they don't query large and unusual transactions by their customers that turn out to be money laundering, the bank can be held liable for abetting a crime. So, don't blame the banks. Real journalists would know this. it's not just large transactions. Its also a stupid annual requirement that you have to disclose where you make your money or they freeze your accounts annually. It's over the top. My bank threatened to close my accounts, and my business is next door to them. They know very well how i make my money. I originally missed the email and only just spotted it in time.  It's overreach by Austrac

They'd need your formal declaration of your bank transactions for evidence of the bank's complying with AUSTRAC instructions in the event of an investigation, even if the bank manager was your brother.

MeisterEckhart wrote on May 21^st, 2025 at 10:58pm:

John Smith wrote on May 21st, 2025 at 10:39pm: MeisterEckhart wrote on May 21st, 2025 at 10:08pm: AUSTRAC requires that the bank 'knows their customers'. If they don't query large and unusual transactions by their customers that turn out to be money laundering, the bank can be held liable for abetting a crime. So, don't blame the banks. Real journalists would know this. it's not just large transactions. Its also a stupid annual requirement that you have to disclose where you make your money or they freeze your accounts annually. It's over the top. My bank threatened to close my accounts, and my business is next door to them. They know very well how i make my money. I originally missed the email and only just spotted it in time.  It's overreach by Austrac They'd need your formal declaration of your bank transactions for evidence of the bank's complying with AUSTRAC instructions in the event of an investigation, even if the bank manager was your brother.

Big Brother is watching you.

Bobby. wrote on May 22^nd, 2025 at 3:29pm:

MeisterEckhart wrote on May 21st, 2025 at 10:58pm: John Smith wrote on May 21st, 2025 at 10:39pm: MeisterEckhart wrote on May 21st, 2025 at 10:08pm: AUSTRAC requires that the bank 'knows their customers'. If they don't query large and unusual transactions by their customers that turn out to be money laundering, the bank can be held liable for abetting a crime. So, don't blame the banks. Real journalists would know this. it's not just large transactions. Its also a stupid annual requirement that you have to disclose where you make your money or they freeze your accounts annually. It's over the top. My bank threatened to close my accounts, and my business is next door to them. They know very well how i make my money. I originally missed the email and only just spotted it in time.  It's overreach by Austrac They'd need your formal declaration of your bank transactions for evidence of the bank's complying with AUSTRAC instructions in the event of an investigation, even if the bank manager was your brother. Big Brother is watching you.

When have governments acted any differently?

They observe the activities of citizens as the technology allows.

MeisterEckhart wrote on May 22^nd, 2025 at 3:32pm:

Bobby. wrote on May 22nd, 2025 at 3:29pm: Big Brother is watching you. When have governments acted any differently? They observe the activities of citizens as the technology allows.

https://m3.gab.com/media_attachments/b1/47/57/b1475778c79bb92037c9476c28cdb2ee.jpg


https://m3.gab.com/media_attachments/66/ef/0c/66ef0c7a47dcfddae493481070b64958.jpg

Bobby. wrote on May 22^nd, 2025 at 4:40pm:

MeisterEckhart wrote on May 22nd, 2025 at 3:32pm: Bobby. wrote on May 22nd, 2025 at 3:29pm: Big Brother is watching you. When have governments acted any differently? They observe the activities of citizens as the technology allows. []https://m3.gab.com/media_attachments/b1/47/57/b1475778c79bb92037c9476c28cdb2ee.jpg[] []https://m3.gab.com/media_attachments/66/ef/0c/66ef0c7a47dcfddae493481070b64958.jpg[]

1984 was a study in human nature - our instinct to accumulate status, power and resources - to impose our will on others and treat with extreme prejudice anyone who would challenge our status.

It was not a revelation of anything new, just the old using new technology to achieve the same outcome as before.

Does anyone think Roman imperial rule - Pax Romana - was not equally as brutal and as imposing as Orwell's authoritarian rule of 1984?

MeisterEckhart wrote on May 22^nd, 2025 at 4:51pm:

1984 was a study in human nature - our instinct to accumulate status, power and resources - to impose our will on others and treat with extreme prejudice anyone who would challenge our status. It was not a revelation of anything new, just the old using new technology to achieve the same outcome as before. Does anyone think Roman imperial rule - Pax Romana - was not equally as brutal and as imposing as Orwell's authoritarian rule of 1984?

https://m3.gab.com/media_attachments/8d/91/e2/8d91e263265bedcacc928ad5ea17950a.jpg

Bobby. wrote on May 22^nd, 2025 at 4:53pm:

MeisterEckhart wrote on May 22nd, 2025 at 4:51pm: 1984 was a study in human nature - our instinct to accumulate status, power and resources - to impose our will on others and treat with extreme prejudice anyone who would challenge our status. It was not a revelation of anything new, just the old using new technology to achieve the same outcome as before. Does anyone think Roman imperial rule - Pax Romana - was not equally as brutal and as imposing as Orwell's authoritarian rule of 1984? []https://m3.gab.com/media_attachments/8d/91/e2/8d91e263265bedcacc928ad5ea17950a.jpg[]

Proof that democracies can also be authoritarian.

Trump's endless rants about 'fake news' are another example... and his insistence that only he knows the truth.

Yes even so called democracies:


https://m3.gab.com/media_attachments/8d/91/e2/8d91e263265bedcacc928ad5ea17950a.jpg

https://m3.gab.com/media_attachments/0f/8e/27/0f8e2774519919370d1e3e8734c7ea2c.jpg

Bobby. wrote on May 22^nd, 2025 at 5:51pm:

[]https://m3.gab.com/media_attachments/0f/8e/27/0f8e2774519919370d1e3e8734c7ea2c.jpg[]

It was barely fiction when Orwell wrote it... and he would have known that... he was almost executed by Spanish communists - the side he was fighting for.

MeisterEckhart wrote on May 22^nd, 2025 at 5:58pm:

Bobby. wrote on May 22nd, 2025 at 5:51pm: []https://m3.gab.com/media_attachments/0f/8e/27/0f8e2774519919370d1e3e8734c7ea2c.jpg[] It was barely fiction when Orwell wrote it... and he would have known that... he was almost executed by Spanish communists - the side he was fighting for.

Every Govt in the world is doing it nowadays -

we've never been so surveilled.

Cash at home gets you into trouble?  Not when you're a musso, apparently.   >:(

"I don't know how $3 million in cash got in my roof, says John Ibrahim's sister Maha Sayour"

THE sister of Kings Cross identity John Ibrahim had no idea how nearly $3 million was found hidden in the ceiling of her house.

https://www.couriermail.com.au/news/i-dont-know-how-3-million-in-cash-got-in-my-roof-says-john-ibrahims-sister-maha-sayour/news-story/a758b551b37a1cd7b99232c3d24a38cf

ps ... she got let off.   >:(

Aquarius wrote on May 23^rd, 2025 at 3:10pm:

Cash at home gets you into trouble?  Not when you're a musso, apparently.   >:( "I don't know how $3 million in cash got in my roof, says John Ibrahim's sister Maha Sayour" THE sister of Kings Cross identity John Ibrahim had no idea how nearly $3 million was found hidden in the ceiling of her house. https://www.couriermail.com.au/news/i-dont-know-how-3-million-in-cash-got-in-my-roof-says-john-ibrahims-sister-maha-sayour/news-story/a758b551b37a1cd7b99232c3d24a38cf ps ... she got let off.   >:(

yes:

https://en.wikipedia.org/wiki/John_Ibrahim

Police allege Ibrahim is a "major organised-crime figure"[1] and
was labelled as the "lifeblood of the drugs industry of Kings Cross"
during the 1995 Wood royal commission.
However, Ibrahim strongly denies this,[2] and has not been convicted of any related crime.

John Ibrahim was born in 1970 in Tripoli, Lebanon,
before emigrating with his family to Australia as a child.

Banks demanding ID updates by June 1 — but what’s really behind the push for your private data?


https://www.youtube.com/watch?v=3Fm5f4lzbew


May 18, 2025 

We explore not only Australia’s AML/CTF laws and FATCA, but the global architecture enforcing compliance and surveillance through your bank.

This isn’t about protecting you — it’s about protecting them.

We discuss:
• What you’re legally required to provide (and what you’re not)
• Why St.George is leaning so hard on its customers
• Who is pressuring them — AUSTRAC, FATF, the IRS?
• How FATCA & CRS create global data pipelines of financial info
• Why Commonwealth Bank has been asking customers, “Why do you have cash in your home?” (as exposed by Sky News host Liz Storer)

She called it “bizarre” — and she’s right.
This is no longer about anti-money laundering. It’s about control.

We must ask:

Who gave AUSTRAC its authority?
Who gave foreign treaties power over our daily lives?
And who benefits when privacy dies?

This is not advice — this is a call for critical thinking, conversation, and courage.
Let’s walk the lawful path with honour, clarity, and solidarity.

At least with private customers, the banks are asking...

As discussed here before, many bullion dealers in Australia were told by their bank that they would be closing their accounts in 30 days. No discussions were entered into, no chance to explain large transactions, just: 'the bank has decided to end its business relationship with you...'

MeisterEckhart wrote on May 23^rd, 2025 at 7:46pm:

At least with private customers, the banks are asking...

they're asking business customers as well ::)

John Smith wrote on May 23^rd, 2025 at 7:55pm:

MeisterEckhart wrote on May 23rd, 2025 at 7:46pm: At least with private customers, the banks are asking... they're asking business customers as well ::)

Not all of them!

Also, what those private customers complaining are not saying is whether they deposited/withdrew large cash transactions or large amounts were electronically deposited into their accounts (e.g. from, say, an inheritance).

AUSTRAC require amounts from $10,000 and above to be reported and requires the banks to ask their customers to formally explain large cash transactions and confirm their identity, employment status, etc...

Yes, it can be argued that 36 years ago, when AUSTRAC was established, $10,000 was a lot of money, and it is likely equivalent to closer to $40,000 today.

MeisterEckhart wrote on May 23^rd, 2025 at 8:25pm:

Not all of them!

they don't ask every private account holder either :D

John Smith wrote on May 23^rd, 2025 at 8:29pm:

MeisterEckhart wrote on May 23rd, 2025 at 8:25pm: Not all of them! they don't ask every private account holder either :D

I bet they don't...

Particularly where the bank has enough reason to believe the private customer is doing large transaction cashies, then, say, making so-called structured deposits to get the money back into circulation.

Bobby. wrote on May 23^rd, 2025 at 5:35pm:

Aquarius wrote on May 23rd, 2025 at 3:10pm: Cash at home gets you into trouble?  Not when you're a musso, apparently.   >:( "I don't know how $3 million in cash got in my roof, says John Ibrahim's sister Maha Sayour" THE sister of Kings Cross identity John Ibrahim had no idea how nearly $3 million was found hidden in the ceiling of her house. https://www.couriermail.com.au/news/i-dont-know-how-3-million-in-cash-got-in-my-roof-says-john-ibrahims-sister-maha-sayour/news-story/a758b551b37a1cd7b99232c3d24a38cf ps ... she got let off.   >:( yes: https://en.wikipedia.org/wiki/John_Ibrahim Police allege Ibrahim is a "major organised-crime figure"[1] and was labelled as the "lifeblood of the drugs industry of Kings Cross" during the 1995 Wood royal commission. However, Ibrahim strongly denies this,[2] and has not been convicted of any related crime. John Ibrahim was born in 1970 in Tripoli, Lebanon, before emigrating with his family to Australia as a child.

They don't call him "Teflon" John for nothing!

Hi Aqua,
why is your gender showing as female?

Bobby. wrote on May 24^th, 2025 at 10:43am:

Hi Aqua, why is your gender showing as female?

The same reason yours is showing as male.

I've known Aquarius* for over 24 years and she is a forthright female of the highest order.  8-)

* Known under a different nic on other boards for many years.

Captain Nemo wrote on May 24^th, 2025 at 11:31am:

Bobby. wrote on May 24th, 2025 at 10:43am: Hi Aqua, why is your gender showing as female? The same reason yours is showing as male. I've known Aquarius* for over 24 years and she is a forthright female of the highest order.  8-) * Known under a different nic on other boards for many years.

Senior moment -

I was getting mixed up with Aquascoot.

https://www.ozpolitic.com/forum/YaBB.pl?action=viewprofile;username=aquascoot

Oh! Good-oh.  ;D

Captain Nemo wrote on May 24^th, 2025 at 11:31am:

Bobby. wrote on May 24th, 2025 at 10:43am: Hi Aqua, why is your gender showing as female? The same reason yours is showing as male. I've known Aquarius* for over 24 years and she is a forthright female of the highest order.  8-) * Known under a different nic on other boards for many years.

That's me - forthright!    [smiley=thumbsup.gif]

Gee has it been that long Nemo?  That will take us back to the old MSN days!   :o

Yep, MSN around the time of the Twin Towers attack.

Australia has become the Petrie Dish for Leftism.
We are all now Guinea Pigs and Lab mice to be experimented upon with stuff no other nations would dare inflict upon themselves.

This country has been flushed!
It will only get worse, NEVER BETTER.

Jasin wrote on May 26^th, 2025 at 6:25pm:

Australia has become the Petrie Dish for Leftism. We are all now Guinea Pigs and Lab mice to be experimented upon with stuff no other nations would dare inflict upon themselves. This country has been flushed! It will only get worse, NEVER BETTER.

Only good comrades will survive.