<ul><li>Many Australian banks, including Commonwealth Bank of Australia, are demanding extensive personal information beyond routine KYC procedures, leading to concerns about privacy and financial autonomy.</li><li>The increasing intrusiveness of 'Know Your Customer' (KYC) requirements has sparked public backlash and raised questions about the balance between legitimate financial oversight and invasion of privacy.</li><li>Critics argue that the aggressive interpretation of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations by banks may be disproportionate and lack common sense for customers with unremarkable banking histories.</li><li>Non-compliance with the extensive KYC demands can result in severe consequences such as restricted account access or closure, impacting individuals reliant on banking services for daily activities.</li></ul>

Beyond KYC: Is Your Bank Spying on Your Couch Cushions?

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