ANTI MONEY LAUNDERING - Possible grounds for legal recourse against Deposit Taking Institutions (CH/CHTG banking providers - NAB AND WESTPAC and others
I read a thread on the CH client FB group, about one of the members who mentioned there is legal recourse in our case against the banks (NAB and Westpac) and financial service providers to CH/CHTG , the FX and commodities brokers, who failed to notify ASIC, ATO and the federal authorities of the large sums of money of non statutory deposits (investors money) being deposited into their accounts.
This allowed CH/CHTG to go unchecked as the banks did not notify federal and government authorities of these large deposits under their obligation for Anti Money Laundering legislation.
CH/CHTG FX broking providers, would have been obligated to report these large capital trades to ASIC, and even to the ATO. If both financial service providers did follow AML laws, this would have been prevented. So, there may be a case for a class action against the banks, whos deposits are guaranteed by the CWLTH government.
It is logic to believe if the banks, brokers all followed standard AML laws, and reported the large capital being held in private company accounts, not statutory trust accounts, then this would have triggered further consultation and investigation by the banks and ASIC.
Nevertheless the banks are solely responsbile for not reporting these deposits to Federal Police and ASIC, this would have all been prevented when capital deposits reached $10M, let alone $180M.
