14-05-2025
'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.
