Australian Politics Forum - Cash at home gets you into trouble

Bobby.

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Cash at home gets you into trouble
May 21^st, 2025 at 6:47pm

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.”

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Bobby.

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Re: Cash at home gets you into trouble
Reply #1 - May 21^st, 2025 at 6:48pm

CommBank criticised over 'Orwellian' demands for financial information.

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.”

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Bobby.

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Re: Cash at home gets you into trouble
Reply #2 - May 21^st, 2025 at 6:55pm

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.

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Ai_Took_Our_Jobs

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Re: Cash at home gets you into trouble
Reply #3 - 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.

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« Last Edit: May 21^st, 2025 at 7:13pm by Ai_Took_Our_Jobs »

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Bobby.

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Re: Cash at home gets you into trouble
Reply #4 - May 21^st, 2025 at 7:18pm

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.

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« Last Edit: May 21^st, 2025 at 8:38pm by Bobby. »

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MeisterEckhart Gold Member Offline Australian Politics Posts: 16339 Gender:	Re: Cash at home gets you into trouble Reply #5 - 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.
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John Smith

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Re: Cash at home gets you into trouble
Reply #6 - May 21^st, 2025 at 10:39pm

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

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Bobby. Gold Member Online Australian Politics Posts: 116193 Melbourne Gender:	Re: Cash at home gets you into trouble Reply #7 - May 21^st, 2025 at 10:45pm John, Quote: They know very well how i make my money. A rent boy?
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John Smith Gold Member Offline Australian Politics Posts: 78311 Gender:	Re: Cash at home gets you into trouble Reply #8 - May 21^st, 2025 at 10:47pm Bobby. wrote on May 21^st, 2025 at 10:45pm: John, Quote: They know very well how i make my money. A rent boy? sorry goober, i'm not hiring
Back to top	Our esteemed leader: I hope that bitch who was running their brothels for them gets raped with a cactus. IP Logged

MeisterEckhart

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Re: Cash at home gets you into trouble
Reply #9 - May 21^st, 2025 at 10:58pm

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

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

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.

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Bobby.

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Re: Cash at home gets you into trouble
Reply #10 - May 22^nd, 2025 at 3:29pm

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

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

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

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.

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MeisterEckhart

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Re: Cash at home gets you into trouble
Reply #11 - May 22^nd, 2025 at 3:32pm

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

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

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

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

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.

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Bobby. Gold Member Online Australian Politics Posts: 116193 Melbourne Gender:	Re: Cash at home gets you into trouble Reply #12 - May 22^nd, 2025 at 4:40pm MeisterEckhart wrote on May 22^nd, 2025 at 3:32pm: Bobby. wrote on May 22^nd, 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.
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MeisterEckhart

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Re: Cash at home gets you into trouble
Reply #13 - May 22^nd, 2025 at 4:51pm

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

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

Bobby. wrote on May 22^nd, 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.

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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?

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Bobby.

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Re: Cash at home gets you into trouble
Reply #14 - May 22^nd, 2025 at 4:53pm

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?

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