For most Australians, the relationship with their bank is built on trust, convenience, and a sense of security. After all, we hand over our hard-earned money, expecting it to be safe and accessible.
But what happens when your bank suddenly demands to know not just how you spend your money, but why you keep cash at home—and threatens to freeze your account if you don’t comply?
That’s precisely the situation that recently left a respected property researcher, Louis Christopher, feeling ‘disgusted’ and ‘flabbergasted’ after receiving an unexpected email from the Commonwealth Bank (CBA).
The message, which has since gone viral, demanded detailed personal information as part of the bank’s ‘Know Your Customer’ (KYC) requirements—and it’s sparked a national conversation about privacy, security, and the changing face of banking in Australia.
Christopher, managing director of SQM Research and a CBA customer since 1978, was stunned when he received an email out of the blue, warning that unless he provided updated personal information—including details about his source of wealth and whether he keeps cash at home—his accounts could be restricted or even closed within seven days.
‘At first, I thought it was a scam,’ Christopher admitted. But after calling the bank directly, he discovered the request was genuine. The questions didn’t stop at the basics.
He was asked:
- How did you build up your wealth?
- Why have you made cash withdrawals?
- Are you holding cash at home, and if so, why?
- Why did you make certain transactions to third parties?
For Christopher, the line had been crossed.
What I have just gone through this morning with CBA is disgusting. Absolute despicable, Orwelian stuff. Driven by Austrac.https://t.co/NsaUk3QYdq
— Louis Christopher (@LouiChristopher) May 13, 2025
Just out of the blue, the bank sent me the enclosed email and demanded to know:
1) How I have built up my wealth?
2) Why have I made… pic.twitter.com/KpVaMzKMvE
‘I regard sharing that info as a security risk,’ he said. ‘How I’ve generated my wealth is my business, unless there’s a real suspicion of wrongdoing—and that should require a court order.’
If you’re wondering whether this could happen to you, the answer is yes. Australian banks must legally comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
This means they must collect, verify, and maintain up-to-date information about their customers, not just when you open an account, but on an ongoing basis.
The rules are enforced by AUSTRAC, Australia’s financial intelligence agency, and are designed to prevent money laundering, terrorism financing, and other financial crimes.
But as many customers are now discovering, the process can feel intrusive and, at times, heavy-handed.
A CBA spokesperson explained: ‘Ensuring we have a customer’s most up-to-date and correct details also helps us to keep them safe and protect them from fraud.’
But for many, the experience feels less like protection and more like an invasion of privacy.
The consequences of not responding to these requests can be severe. Banks may restrict, limit, or even close your accounts if you fail to provide the information they ask for. And as Christopher’s story shows, even long-term, high-profile customers aren’t immune.
Some Australians have reported having their accounts frozen after giving ‘ambiguous’ answers, or simply missing an email that landed in their junk folder.
For those who rely on their accounts for everyday expenses, pensions, or business transactions, this can be more than an inconvenience—it can be a major disruption to daily life.
While banks act within the law, many customers feel the process lacks transparency and common sense.
Christopher pointed out that his account history is long and unremarkable.
‘Banks should not be allowed to freeze people’s accounts unless it’s via a court order,’ he said. ‘It is a human right and it should not be done on a whim of some manager.’
Have you received similar requests from your bank? How did you handle it? Is the balance between security and privacy right, or has it gone too far? Share your experiences and thoughts in the comments below.
Also read: Commonwealth Bank’s latest move could put money back in your pocket! What’s the catch?
WOWOWOWO are we coping USATRUMP to have a total control of your life ??? F… that this is a free country and I am closing all deals with CBA, do not pay my loans so they can freeze my accounts before and will be up to them to recover under the law and I will fight them and I am
sure many of you will do something so we do not became another TRUMP copycats
Leave Trump out of it idiot, the problem was the Canadians who froze fund went the truckers protested, a left wing government I might ad!
I suppose all the leftist voters have forgotten that the left wing Trudeau government started this with blocking any donors’ accounts to the trucker rally during Covid lockdowns.
Funny that the idiots with short term memories only quote someone unrelated !
Additional to my comment above.
Also what the leftist bank did to Nigel Farge and his family about their bank accounts about 3 years ago due to his Brexit stand.
I’m sure the taxpayer funded networks here would have not covered it.
The once good old CBA that many trusted from the days when school children received their first Commonwealth Bank Money Box and opened their 1st School Banking Account seems to have morphed into something rather ugly greedy, and overpowering.
I have been disgusted with CBA for some time now, for their lack of empathy with a large proportion of their customers. We all know that Australia has an increasing aged population. However, today’s current trend requires the downloading of apps and pressure applied to force customers to transact their banking needs online. Bearing in mind that this requires many seniors to use technology and operate devices that only their grandchildren know how to use to the best advantage.
In this ‘wonderful’ era we live in, the poorly controlled activities of scammers & hackers, also interruptions to the electricity supply, frequently cause eftpos outages that prevent making electronic transactions. Add to this the incidences of natural disasters; e.g. Cyclones, Floods, Severe storms and weather systems, etc. etc., that take out electricity supplies and causes outages of communications……good old cash is required to buy generator fuel and anything else you need to effect repairs to damaged property. In many ways, having some cash is a valid way to ensure you are not drawing on essential services needed to save those whose lives are in imminent danger. As to the question of how much Cash people choose to have on hand……how long is a piece of string? Any attempt to ascertain and record people’s individual behaviour and whether or not they choose to keep cash on hand, or the extent of such reserves, invites trouble for householders.
The Federal Government must expand their own Departments and staff to oversee criminal activities and money laundering activities, and leave Banks to do what they have always done, which is to meet the financial needs and requirements of their customers.
Further, I believe the modernisation of some CBA Bank premises has led to the lack of amenity and loss of privacy for many customers…..e.g. standing in queues in poky premises and being forced to speak out, within earshot of everyone else, the reason for your visit….hardly the way to conduct business. Also, I have seen elderly customers with obvious mobility issues needing to stand in line due to lack of seating in Branches.