David Lochrin dlochrin at d2.net.au
Tue Jan 20 14:16:13 AEDT 2009

St. George Bank have just issued a notice to their customers re "Anti-Money Laundering and Counter-Terrorism Financing Legislation" which states:

As part of these requirements, we are required to identify our customers, monitor activities and report certain transactions to the government regulator, AUSTRAC.

To assist us in doing this [...] the following clause will be deemed to be incorporated into the terms and conditions that apply to our relationship.  [...]

1.  You warrant that your use of the services we provide will not breach any law of Australia or any other country."

I wonder whether anyone among the phalanx of lawyers who created and approved that clause wondered in a private moment just how utterly stupid it is.  I'd guess there are less than one hundred experts in the banking law of Australia, let alone Australia ~and~ "any other country".

Stupid regulations and requirements just bring the whole system into contempt and disrepute.


More information about the Link mailing list