ANZ BANK MOVES FILES TO BHARAT
ANZ to move files to India
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By Adrian Tame THE HERALD SUN Sunday, March 19, 2006
The confidential banking records of three million customers of the ANZ Bank are being moved offshore to India.
In a move that has alarmed consumer groups and police, much of the bank's search and retrieval processes of the records will be undertaken in ANZ's offices in Bangalore. Fraud squad police fear that will allow criminal elements to hide money laundering and other illegal financial transactions more easily.
And up to 20 Australian jobs will be lost.
A source within the squad said the move has also raised doubts over the ability of police to gain access to the banking records of criminals and suspects.
The Consumer Credit Legal Service also has criticised the move.
A spokeswoman said: "This is a minefield. What legislation in India will govern the protection of banking records?
"It could also pose problems for the Federal Privacy Commissioner in Australia, if a complaint was received.
"The Commissioner would have no control over what happens in another country."
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The bank has denied the move will compromise client privacy or police investigations.
Paul Edwards, head of corporate communications for the bank, said: "Such concerns are based on an incorrect understanding of what we are doing.
"ANZ staff in Bangalore will operate under the same ANZ controls as in Australia, including high standards of privacy."
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