If a financial institution makes a disclosure regarding a transaction, would be considered a breach of customer confidentiality?

Under the Act, the ‘consent to perform a prohibited act’ prevents a protected disclosure from being considered  a breach providing that

  • the information is disclosed to an authorized or nominated officer
  • the information came to the person in the course of the person’s trade, profession, business or employment
  • the information causes that person to believe or have reasonable grounds to believe that another person has engaged in money laundering.
  • the disclosure is made in such a form or manner as may be prescribed by the Regulations.