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.