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

Imagine waking up to a message from your bank asking you to explain the source of your wealth and why you held cash at home. You’d probably shove this off as one of those phishing emails but this wasn’t the case for Louis Christopher, a respected property researcher. Back in April, SQM Research managing director Christopher received an email from the Commonwealth Bank of Australia (CBA) threatening to close his long-term account unless he updated his personal information. While this may be considered a routine KYC procedure, the bank demanded extensive personal information, including details about his source of wealth and the reason for holding cash outside the financial institution source: https://medium.com/pivx/beyond-kyc-is-your-bank-spying-on-your-couch-cushions-dfd158476df6?source=rss----430d9242e45e---4