Banks abusing people’s rights

I HAVE observed that many customers of banks are complaining over a range of things such as high account transaction fees and host of other issues on social media.
Some banks are making a fortune from non-interest income through ATM transactions.
One disturbing observation is that many small time customers have been subjected to restrictions on their accounts both personal and business.
Even customers with a meagre K1,000 to deposit are being asked to fully explain where and how they obtained the money and to the extent of been refused access to their own money, when required.
It is even worse for those customers with larger amounts, facing the brunt of banks’ unnecessary intimidation in establishing the source of where the money come from and the flagging of their accounts.
Are these restrictions made under the context of the anti-money laundering or proceeds of crime laws or rather under the pretext of something else?
It seems every Papua New Guinean that walks into banks to deposit or withdraw funds is suspected of being a money launderer or a benefactor of proceeds of crime.
What does section 53 on deprivation of property in the constitution implies in this context?
If bank policies and practices are against the constitution, then they should be rendered wholly void and ineffective.
I hope that bank managements will begin exercising some real common sense in relation to dealing with customers making deposits or trying to make withdrawals beyond the threshold allowed at ATM outlets.
For sanity’s sake, critically review those arbitrarily discriminative policies that deprive many genuine customers from operating their own bank accounts.
I suggest that the Government establish a banks ombudsman in PNG to tow bank and financial institution practices in line with consumer and human rights principles.
As financial services get complicated, customers will need to be protected as well and having an avenue such as the banks ombudsman to seek redress would be a prudent thing.
Over regulation and the abuse of its application on customers is surely going to drive away many citizens from banking their money, which intrinsically can threaten the stability of the financial system in the country.

D. Dalolona,
Sogeri Plateau