ANZ Bank admitted their mistakes after 20 months of hearing against Australian digital assets traders Bank seized.
ANZ is an Australia and New Zealand Banking Group (ANZ) . ANZ freezed the Bank account of Allan Flynn.
In 2018 , ANZ Bank revoked the account of Allan Flynn. So regarding this unfair means of action by the ANZ Bank, Allam filed a case against ANZ Bank to ban and freeze the accounts without any suitable reason.
But after 20 months, the case is finally settled. In this case Allan Flynn won the fight. And also ANZ Bank admitted that the Bank seized Allan’s Bank account without any notice and explanation was not right decision.
Earlier this, ANZ Bank claimed that Allam was fascinating huge amounts of transactions related to digital assets and that amount was much enough. There was huge chances that Allan was conducting money laundering based transactions mistakenly, so to avoid the money laundering and terrorism funding (ML/TF) that it perceives among exchanges.
ANZ bank admitted that the main mistake of the bank was only to debank Allan without notice. And the closing account could “have amounted to unlawful discrimination contrary to sections 7(1)(p) and 20 of the Discrimination Act 1991″ but was a necessary step
ANZ also noted that debankig Allan was unlawful but the situation under which they took action was reasonable and that can’t be ignored to comply with the rules and regulations.
Allan put his stance that the action of ANZ and claimed that it was unlawful and further added
“It is against the law for someone to discriminate against you because of your profession, trade, occupation or calling.”
Right now, Allan only won his case against the first complaint with the ANZ, but here other banks are in the queue to settle the case. In the next week, on Thursday a hearing will take place for Westpac Bank, which closed the account of Allan in 2019.