Banks claim Hitler persecution as NAB discovers laundering holes

Via AFR:

Former ANZ chief executive Mike Smith says the big four banks could have handled recent political attacks better, saying whenever governments want “mob interest” they always turn on the banks.

“It’s being used as political capital … when you want to get mob interest, you turn on the banks. Hitler did it,” Mr Smith said after speaking at the UBS Australasia conference in Sydney on Tuesday.

“These things have always been around. The banks have fallen into the trap and they haven’t played as well as they might.”

I humbly suggest that Mr Smith has no idea what he is doing. Such massively overblown analogies make him and the banks look like narcissistic fools.

Enough said.

But more must be said about NAB, via Banking Day:

The focus of non-compliance with anti-money laundering and counter terrorism laws is about to shift beyond the Commonwealth Bank after National Australia Bank revealed in notes to its annual report that it is remediating “identified issues” and “weaknesses” with its AML/CTF program.

The problems with NAB’s anti-money laundering systems are not yet quantifiable, with the bank deciding to disclose a contingent liability in its 2017 annual report for possible non-compliance with “Know Your Customer” rules and shortcomings in transaction monitoring.

“The Group is currently investigating and remediating a number of identified issues, including certain weaknesses with the implementation of ‘Know Your Customer’ requirements and systems and process issues that impacted transaction monitoring and reporting for some specific areas,” the bank told shareholders on page 108 of its annual report.

“It is possible that, as the work progresses, further issues may be identified and additional strengthening may be required.

Doing a bang-up job there, Ken, dodging the Gestapo.

Comments

    • Nothing else than this says traditional banks are digging their own hole, they still think best use of AI and ML is to read customer mood baffles me. Customer in few years might not even show his/her face ever to these institutions in person.

      • Like most of my acquaintance,l regard going to the bank and actually interacting with bank staff as a failure! Why expose any part of oneself to such an unpleasant environment,queues,overhearing(like it or not) other peoples private financial business,poor service and then being up sold on credit card limits or insurance cover being pushed. They don’t even provide a pleasant experience while they extract,extract and extract!

  1. Jake GittesMEMBER

    Godwin’s law. As an (online) discussion grows longer, the probability of a comparison involving Hitler approaches.

    That would make Mike Smith, Hermann Goering.

  2. Funny thing, just the other day I was ruminating on the dodgy insurance practices engaged in by CBA, the possible money laundering, the financial advice scandals and the bank bill swap rate collusion of the other major banks where a judge recently used the words ‘shocked, dismayed and disgusted” to describe the public’s reaction to the banks behaviour.
    And then I thought this is like the run up to WW2 and Hitler. These innocent banks, evilly used as scapegoats.
    It can’t continue.

    • I took out a small personal loan with sumcrap banking about 18 mths ago for 10k. This was to travel to see sick fam abroad and clear a few k off a credit card. We have circa same amount in salary payments per month go through current account at same back and large percentage of that in side account. You know enough to cover unforeseen circ.
      After much discussion finally got the pissy loan atranged. As im not a home owner more difficult than should have been. Arranged all details clerk goes prints forms and i look aand the loan amount has a few extra k on loan amount. I say whats this. Oh its insurance in case uou cant pay. I blatantly said fuck off. Oh you must have insurance sir. No.i arked up and told them you go fix this right now or im fucking switching banks. Oh but sir. Everyone takes this out. At least one of the options. I couldnt believe it. Having come from uk with the ehole ppi scandal i eas astounded.

      I bet many others werent so forthright.

  3. St JacquesMEMBER

    A bank CEO re-writing history to suit the banksters, I’m shocked !!!! It was the big corporations and banks, both German and foreign, along with Germany’s upper class elite, that supported the Nazis as a way to smash the unions and workers’ political parties, Without their support, the Nazis would never have succeeded in taking power: Here are just a few hints at the corporate power behind Hitler’s regime:
    http://www.dailymail.co.uk/news/article-2663635/Revealed-How-Nazis-helped-German-companies-Bosch-Mercedes-Deutsche-Bank-VW-VERY-rich-using-slave-labor.html
    https://www.globalresearch.ca/history-of-world-war-ii-nazi-germany-was-financed-by-the-federal-reserve-and-the-bank-of-england/5530318
    http://www.nytimes.com/1998/08/01/world/biggest-german-bank-admits-and-regrets-dealing-in-nazi-gold.html
    http://www.11points.com/News-Politics/11_Companies_That_Surprisingly_Collaborated_With_the_Nazis

    • Close corporate-government ties go to the heart of the definition of fascism. Big business loves a fascist government, as they pay little regard to worker’s rights, find a way to supply an underclass of labour and do what they can to structure the economy in such a way that it will, as much as possible, maximise corporate profits.

      This aspect of fascism is often conveniently ignored when discussions on the topic are had, because folks don’t want to know how close our society is to fully embracing the ideology.

  4. Mr Smith knows exactly what he is doing.

    Bank apologists do it all the time – we have seen it in this neck of the woods.

    Imply or insinuate that criticism of the public / private corporatist hijacked monetary model is somehow anti- semetic.

    There is nothing semetic about modern day banking – it is a rent seeking wonderland for all faiths, creeds from every corner of the globe.

    But playing the anti-semite card still works just as the xenophobe and racist card works a treat in the debate about the appropriate rate of immigration.

    • Yes, but at what point do such statements become so distanced from people’s everyday experience that making them damages the credibility of the banking mouthpiece involved? Clearly we not not be there yet.

      • Hard to say.

        There are plenty of #FakeLeft gooses who will leap on board the idea that defending the role of private banks in our monetary system is somehow a “progressive” thing to do.

        Mark Smith and the bankers association are not silly. If they play their cards right middle Australia will see criticism of banks as an extremist ‘money crank’ thing to do.

  5. It really does show the intellectual depth and tactical nous of the tools who run banks in this country when they are so quick to make claims such as this. Zero credibility whatsoever.

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