[LINK] AUSTRAC (O/T)
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.
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