ANZ Bank reaches an agreement with Australian BTC trader Allan Flynn

Bitcoin trader Allan Flynn has settled his first complaint with Australia and New Zealand Banking Group Limited (ANZ) that he unilaterally did not have a bank account in 2018 due to his work as a Digital Currency Exchange (DCE).

The settlement comes 20 months after the Canberra resident first filed a complaint against ANZ in the ACT civil and administrative court.

In the agreement, the ANZ stated that it had closed its accounts due to the money laundering and terrorist financing (ML / FT) risk it was experiencing on the exchanges. It also acknowledged that Flynn’s dismissal could constitute “unlawful discrimination contrary to Sections 7 (1) (p) and 20 of the 1991 Discrimination Act”.

ANZ Bank reaches an agreement with Australian BTC trader Allan Flynn
ANZ Bank reaches an agreement with Australian BTC trader Allan Flynn

However, ANZ declined all liability, saying that discriminating against Mr Flynn by closing his accounts was appropriate and therefore legal in the circumstances.

The ANZ statement also admitted that after DCE activity was detected, it closed her account without contacting Flynn for further information on her activities. Flynn argues that such discrimination is illegal under Canberra law, which states that “It is against the law if someone discriminates against you because of your occupation, trade, occupation or your calling.”

Although this first battle is over, Westpac Bank will be on trial next Thursday on a second complaint.

Westpac closed its bank account in 2019 citing the same ML / TF concerns about him as a cryptocurrency trader.

Flynn told Cointelegraph that the case is important as, for the first time, banks will be forced to say definitely whether it will serve Bitcoin traders.“All I ask is a fair chance” called.

Flynn also wants to cite human rights abuses committed by banks for discriminating against him and his profession.He believes this is the right way to take power by calling for more regulation, and hopes that a victory could force political change on a national or perhaps even international level.

“A win against the banks could have a wider impact on occupational discrimination.”

He also reported that the Court of Justice’s ruling is under broad public scrutiny, while a prior agreement based on a partial admission of guilt could help change policy. However, he is concerned that a loss could leave more Bitcoin traders without bank details.

Your case is far from unique. Just last month, Fintech Australia CEO Rebecca Schot-Guppy told the Senate thatUp to 91 members of his organization were no longer with the bank for no apparent reason or legal remedy.

The Australian Transaction Analysis and Reporting Center (AUSTRAC) has been issuing increasingly specific regulations on the functioning and legal treatment of DCEs since 2015.

It is important that AUSTRAC has made it clear that the anti-terror laws are to combat money laundering They don’t force banks to close cryptocurrency traders’ accounts.

Flynn believes the behavior of ANZ and Westpac suggests that “the banks don’t want competition” and that if the DCEs are allowed to operate freely, “You would break the speed limit and outperform traditional banks.”

Similar Posts