The bank is in breach of the legislation. The only reporting requirement is where the transaction exceeds $10K. Those are the grounds on which he needs to fight back, produce the legislation, lodge a formal complaint immediately with the banking ombudsman and Austrac. He does not need a legal advisor at this point, the ombudsman will shut this BS down as soon as they get it. Then get onto 2GB talk back radio, forward the clip to Sky News. This will be all done with in less than a couple of days.
I have bad news for you, I spent the best part of 18 months arguing with westpac through the banking ombudsman . The ombudsman was a previously employed in the legal department of a major bank and even though the bank agreed in that arena that they had breached a high me loan contract, and was within the scope of the ombudsman’s limits, no settlement was reached and I was dragged into the Supreme Court - me representing myself up against Minter- Ellinson. Didn’t end well.
The other issue is Commbank has decided the limit will be $8,000. Westpac has also changed you get notification on your location co screen when you spend a $- if you click on that in your account you get a google map 🗺️ f where you spent, and a link to a site called Experian, Look who’s charging. The first time it happened I researched this site, it’s literally connected to hundreds of companies I’ve never heard of. Selling your personal information? Then they changed daily limits on withdrawals and to find out what that means you need to screenshot a QR code with a different firms name.
The bank is in breach of the legislation. The only reporting requirement is where the transaction exceeds $10K. Those are the grounds on which he needs to fight back, produce the legislation, lodge a formal complaint immediately with the banking ombudsman and Austrac. He does not need a legal advisor at this point, the ombudsman will shut this BS down as soon as they get it. Then get onto 2GB talk back radio, forward the clip to Sky News. This will be all done with in less than a couple of days.
https://www.hsbc.com.au/content/dam/hsbc/au/docs/pdf/aba-fact-sheet.pdf
https://www.austrac.gov.au/business/core-guidance/reporting/reporting-transactions-10000-and-over-threshold-transaction-reports-ttrs
https://www.austrac.gov.au/sites/default/files/2021-04/AUSTRAC_suspicious%20matter%20reporting_reference%20guide.pdf
https://www.austrac.gov.au/sites/default/files/2021-11/AUSTRAC%20draft%20guidance%20-%20reporting%20multiple%20cash%20transactions_0.pdf
I have bad news for you, I spent the best part of 18 months arguing with westpac through the banking ombudsman . The ombudsman was a previously employed in the legal department of a major bank and even though the bank agreed in that arena that they had breached a high me loan contract, and was within the scope of the ombudsman’s limits, no settlement was reached and I was dragged into the Supreme Court - me representing myself up against Minter- Ellinson. Didn’t end well.
The other issue is Commbank has decided the limit will be $8,000. Westpac has also changed you get notification on your location co screen when you spend a $- if you click on that in your account you get a google map 🗺️ f where you spent, and a link to a site called Experian, Look who’s charging. The first time it happened I researched this site, it’s literally connected to hundreds of companies I’ve never heard of. Selling your personal information? Then they changed daily limits on withdrawals and to find out what that means you need to screenshot a QR code with a different firms name.
Casino. Bet on black.
This is no surprise to any of your readers. It still hurts that the people around us have truly embraced evil.