'Felt like I had a gun held to my head': SQM Research managing director Louis Christopher eviscerates Commbank over 'Orwelian' demands for financial information
SQM Research managing director Louis Christopher has eviscerated Commbank after it threatened to shut off his accounts unless he complied with "Orwelian" requests about his financial information.
Mr Christopher took to social media on Tuesday to express his disgust with an email sent to him by the major bank, demanding to know how he acquired his wealth, why he had made transactions to certain parties, why he had made cash withdrawals, and whether he kept any cash at home.
CBA said his accounts would be suspended this week if he failed to hand over the information.
Speaking to Sky News' Business Now on Wednesday evening, the founder of the respected property research firm detailed his run in with the bank and explained what he believed to be the cause of issue.
"I was surprised. I first thought when I saw it, when I received the email, it was spam. I went every day, everybody's getting threats galore through spam, but when I noticed there was no link in the email I thought it could be real," he said.
"I called the bank on a separate number and they verified that yes, they would suspend all my personal accounts including my super."
Mr Christopher said he was happy to provide CBA with some details, including his address and drivers license number, as they were standard requirements to open an account at most banks.
SQM Research managing director Louis Christopher has eviscerated Commbank after it threatened to shut off his accounts unless he complied with "Orwelian" requests about his financial information. Picture: NCA NewsWire/Morgan Sette
However, he claimed the demand to know whether he had any cash at home posed a "a security risk for me and my family".
After asking CBA why it required the information, the SQM Research founder revealed the bank had apparently been acting at the behest of one of Australia's financial regulators.
"They actually told me today that this was not triggered by a particular activity of mine," he said.
"It was just the CBA requiring, as per AUSTRAC, to have their records updated on me."
The Australian Transaction Reports and Analysis Centre, handles investigations into money laundering, organised crime, tax evasion, welfare fraud, and terror financing.
In a statement, CBA said it was "required to manage our customers accounts in line with the Anti-money Laundering and Counter-terrorism Financing Act, 2006", enforced by AUSTRAC, and the email had been an effort to "collect, verify and maintain customer identification information".
Despite this, Mr Christopher said it was "weird" the bank had issued the demands, suggesting they went above and beyond what the regulator required.
He was particularly scathing of the time frame given to comply and the consequences of failing to do so, claiming he felt as if he had no choice but to provide the details.
Mr Christopher said it was "weird" the bank had issued the demands, suggesting they went above and beyond what the regulator required. Picture: Supplied
"They confirmed they would close my accounts unless I cooperated and would do that within seven days," Mr Christoper said
"Effectively I felt like I had a gun held to my head if I didn't answer these questions correctly."
In a statement, AUSTRAC said that while banks were required to know the "risks posed by the services they provide", they did "not require banks to deny services, freeze or close customer accounts".
Despite this, Mr Christopher revealed he had received "thousands of responses, messages" from others who had faced similar threats, suggesting there was a significant disconnect between AUSTRAC's requirements and the interpretation of major banks.
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The Advertiser
3 hours ago
- The Advertiser
Australian shares retreat from highs for second time
The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. 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The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. 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The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. 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The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week. The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7 * The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.97 US cents, from 64.96 US cents on Thursday at 5pm * 93.56 Japanese yen, from 93.03 Japanese yen * 56.81 Euro cents, from 56.93 Euro cents * 47.95 British pence, from 47.95 pence * 107.58 NZ cents, from 107.70 NZ cents The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. 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Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week. The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7 * The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.97 US cents, from 64.96 US cents on Thursday at 5pm * 93.56 Japanese yen, from 93.03 Japanese yen * 56.81 Euro cents, from 56.93 Euro cents * 47.95 British pence, from 47.95 pence * 107.58 NZ cents, from 107.70 NZ cents
News.com.au
4 hours ago
- News.com.au
‘Uncertain macro backdrop': ASX slips ahead of jobs figures
Cautious investors sold down the ASX on a quiet day of trading on Friday, despite the US and China resuming trade talks, as markets await critical jobs data out of the US. The benchmark ASX 200 index slipped for the second consecutive day of trading falling by 23.20 points or 0.27 per cent to 8,515.70. The ASX200 has now recorded four consecutive weekly gains. The broader All Ordinaries fell during Friday's trading, down 26.70 points or 0.30 power cent to 8,741.90. The Australian dollar also is down 0.21 per cent and is now buying 64.95 US cents. On an overall bleak day on the market, nine of the 11 sectors finished in the red with just energy, industrials and utilities gaining ground. Woodside Energy gained 0.97 per cent to $22.94, while Santos is up 0.61 per cent to $6.58 as the price of Brent crude oil continues to recover over the week's trading. Industrials also had a strong day led by Qantas Airways which jumped 3.46 per cent to $10.76 despite the news Virgin Australia is looking to re-list. Transurban shares also rose 0.63 per cent to $14.38, and Computershares Limited rose 0.83 per cent to $41.08. CBA shares slipped from its record highs down 0.79 per cent to $179.90, Westpac fell 0.24 per cent to $33.18 and ANZ traded 0.44 per cent lower to $29.50. NAB was the only big four bank to finish in the eking out a 0.18 per cent gain and to close Friday's trading at $38.58. eToro market analyst Josh Gilbert said initially there was optimism on the markets following 'very good' trade talks between Washington and Beijing. But this quickly changed after a public spat between former friends President Donald Trump and Tesla chief executive Elon Musk. 'This will provide a hit to overall market sentiment, particularly tech, but may not be long-lasting for anyone other than Tesla,' Mr Gilbert said. The overall lower volumes on the ASX comes as investors await the latest payroll data out of the US. 'The uncertain macro backdrop continues to provide a hurdle for risk-on sentiment, and cooling US economic data is leaving investors unassured,' Mr Gilbert said. 'With the labour market heavily in focus, the print this evening will be essential for market direction.' Mr Gilbert said negative economic data released throughout the week could actually help drive the ASX 200 higher. 'The weaker-than-expected GDP data this week also drives the expectation for further rate cuts, further supporting the market optimism,' he said. In corporate news, Worley shares fell 0.46 per cent to $13.08 despite the business announcing it had won a contract with Glenfarne to help support engineering work on its Alaska LNG pipeline. Shares in gold miner West Cobar Metals soared 60 per cent to $0.024 after announcing it has completed the acquisition of the Mystique Gold Project in Fraser Range, Western Australia.
Daily Telegraph
6 hours ago
- Daily Telegraph
Stubborn banks still yet to pass on May RBA rate cut
ANALYSIS Call the police! There's a bank robbery in progress. But wait, this isn't your regular heist…think balaclava, guns out at the teller window, unmarked bills, getaway car waiting outside… No, the term bank robbery has a whole new meaning these days. It refers to a bank robbing you. See, historically, whenever the RBA raises interest rates, banks fall all over themselves to pass on the hikes in full to their customers. But in the past, when the RBA cut rates, the desperation would just magically disappear. Let's face it, banks don't like to give you back money they don't need to. Before February this year, there had been 10 RBA rate cuts over the past 10 years. Of these, only four were passed on in full by commbank, NAB and ANZ. Westpac only passed on two of them. Meanwhile, since 2022, there have been 13 rate hikes and – you wouldn't read about it- all 13 were passed on in full. MORE NEWS When is the next RBA rates meeting in 2025? Australian mortgage holders 'can't be bothered' refinancing to a better deal Why luxury home dream could be out of reach for millions The good news is, things are finally beginning to change. In February, the rate cut was so eagerly anticipated that the big four banks announced immediately they would pass it on in full. The majority of the 111 lenders monitored by comparison site Finder quickly began to follow suit. For those that didn't, we created a shame file, listing all the lenders who had not passed on cuts and taking them off the list when they eventually did. When May came around, lenders were ready to go, so our next shame file had fewer lenders on it and reduced quickly. Now, we're left with just a handful of lenders. SEE THE LIST OF BANKS YET TO PASS ON THE MAY CUT BELOW On an average Aussie loan of just above $600,000, a single rate cut of 0.25 per cent will save about $1200 a year. A double rate cut will save $2400 a year. 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With that in mind, here is the full list of lenders on Finder's books and their best variable rate. Banks who have cut, new best rate (%), effective date ANZ: 5.59- 30 May CommBank: 5.59- 30 May NAB: 5.94- 30 May Westpac: 5.59- 3 June Adelaide Bank: 5.79- 6 June AMP: 5.64- 2 June Arab Bank Australia: 5.45- 3 June Athena: 5.74- 20 May Aussie: 5.69- 6 June Australian Military Bank: 5.64- 3 June Australian Mutual Bank: 5.39- 1 June Australian Unity: 5.54- 4 June AusWide Bank: 5.59- 5 June Bank Australia: 5.63- 2 June Bank First: 5.49- 29 May Bank of China: 5.43- 3 June Bank of Melbourne: 5.79- 3 June Bank of Sydney: 5.54- 3 June Bank of us: 5.64- 11 June Bank Orange: 5.44- 2 June BankSA: 5.79- 3 Jun BankVic: 5.48- 3 June BankWAW: 5.29- 3 June Bankwest: 5.69- 30 May bcu: 5.49- 10 June Bendigo Bank: 5.64- 6 June Beyond Bank: 5.64- 3 June Bluestone: 6.54- 11 June BOQ: 5.63- 6 June Border Bank: 5.34- 27 May Broken Hill Bank: 6.39- 4 June Cairns Bank: 5.74- 4 June Central Murray Credit Union: 6.74- 2 June Central West Credit Union: 5.79- 29 May Coastline Credit Union: 6.44- 29 May Community First Bank: 5.49- 11 June Credit Union SA: 5.49- 4 June Defence Bank: 5.59- 28 May Dnister: 5.59- 3 June Easy Street: 5.59- 4 June Fire Service Credit Union: 5.59- 1 June Firefighters Mutual Bank: 5.49- 1 June Firstmac: 5.78- 3 June First Option Bank: 5.49- 2 June Freedom Lend: 5.65- 16 June G & C Mutual Bank: 5.49- 1 June Gateway Bank: 5.45- 27 May Geelong Bank: 5.64- 30 May Goulburn Murray Credit Union: 5.69- 3 June Greater Bank: 5.49- 30 May Great Southern Bank: 5.64- 3 June Heritage Bank: 5.49- 30 May Homeloans: 5.89- 11 June HomeStar Finance: 5.49- 16 June Horizon Bank: 5.39- 1 June HSBC: 5.49- 2 June Hume Bank: 5.49- 2 June Illawarra Credit Union: 5.49- 4 June IMB: 5.54- 30 May ING: 5.64- 3 June Liberty Financial: 5.99- 3 June 5.49- 3 June Macquarie Bank: 5.64- 23 May ME: 5.63- 7 June Mortgage House: 5.39- 6 June MOVE Bank: 5.44- 1 June MyState Bank: 5.54- 5 June Newcastle Permanent: 5.49- 30 May NICU: 5.49- 1 June NRMA Insurance Home Loan: 5.53- 6 June P & N Bank: 5.63- 10 June Pacific Mortgage Group: 5.39- 2 June People's Choice Credit Union: 5.39- 30 May Pepper Money: 6.04- 5 June Police Bank: 5.34- 27 May Police Credit Union: 5.49- 1 June Qantas Money: 5.68- 6 June QBank: 5.49- 6 June Qudos Bank: 5.44- 29 May Queensland Country Bank: 5.49- 4 June RACQ Bank: 5.39- 3 June Regional Australia Bank: 5.44- 4 June resi: 6.39- 20 May RESIMAC Financial Services: 5.89- 11 June Southern Cross Credit Union: 5.73- 1 June South West Slopes Bank: 5.70- 3 June St. George: 5.79- 3 June Sucasa: 6.05- 5.89- 16 June Summerland Bank: 5.34- 3 June Suncorp: 5.65- 30 May Teachers Mutual Bank: 5.49- 1 June The Capricornian: 5.39- 6 June The Mac: 5.42- 4 Jun The Mutual Bank: 5.49- TBC Tiimely Home: 5.54- 6 June Transport Mutual Credit Union: 6.44- 2 June Ubank: 5.59- 29 May UniBank: 5.49- 1 June Unity Bank: 5.49- 1 June Unloan: 5.49- 20 May Up Home Loan: 5.50- 1 June Virgin Money: 6.19- 6 June Warwick Credit Union: 5.89- 4 June Woolworths Team Bank: 5.69- 10 June Yard: 5.89- 6 June Yellow Brick Road: 6.39- 20 May Shame list: Banks yet to cut Family First Credit Union: 5.70 La Trobe: 6.54 Laboratories Credit Union: 5.95 Reduce: 5.74 Well Money: 5.81 MORE: Finder's full list of lenders and their updated rates here
