§ 28D — Request for risk information

28D.—(1) Subject to this section, a prescribed financial institution (called in this section the requester) may request from another prescribed financial institution (called in this section the discloser) any risk information relating to —(a)

a relevant party of the requester which the requester knows or has reason to believe is a relevant party of the discloser;

(b)

a relevant party of the requester, where the requester knows that the relevant party is a party to a wire transfer or value transfer in respect of which the discloser is —(i)

the ordering institution;

(ii)

the intermediary institution; or

(iii)

the beneficiary institution, the wire transfer beneficiary or the value transfer beneficiary;

(c)

a relevant party (A) of the discloser, where the requester knows that a relevant party of the requester and A are counterparties to a wire transfer or value transfer in respect of which the discloser is —(i)

the ordering institution; or

(ii)

the beneficiary institution;

(d)

a relevant party of the requester, where the requester knows that the relevant party is a party to a series of wire transfers or value transfers in respect of which for any wire transfer in the series of wire transfers or value transfer in the series of value transfers (as the case may be), the discloser is —(i)

the ordering institution;

(ii)

the intermediary institution; or

(iii)

the beneficiary institution, the wire transfer beneficiary or the value transfer beneficiary; or

(e)

a relevant party (B) of the discloser, where the requester knows that a relevant party of the requester and B are counterparties to a series of wire transfers or value transfers in respect of which for any wire transfer in the series of wire transfers or value transfer in the series of value transfers (as the case may be), the discloser is —(i)

the ordering institution; or

(ii)

the beneficiary institution.

(2) A requester must be satisfied of the following before making a request under subsection (1):(a)

the threshold criteria for the request applicable to the requester are satisfied;

(b)

in the case of a request under paragraph (b) or (c) of subsection (1), that at least one high-risk indicator of the requester’s relevant party considered by the requester in determining that the threshold criteria are satisfied relates to the wire transfer or value transfer in respect of which the request under that paragraph was made;

(c)

in the case of a request under paragraph (d) or (e) of subsection (1), that at least one high-risk indicator of the requester’s relevant party considered by the requester in determining that the threshold criteria are satisfied relates to the series of wire transfers or value transfers in respect of which the request under that paragraph was made.

(3) A request mentioned in subsection (1) must —(a)

disclose the threshold criteria applicable to the requester and identify the high-risk indicators of the requester’s relevant party that the requester has considered in determining that the threshold criteria applicable to the requester are satisfied;

(b)

contain a statement to the effect that the requester is satisfied that the threshold criteria applicable to the requester are satisfied; and

(c)

explain how the risk information requested would assist the requester in assessing whether the relevant party of the requester mentioned in subsection (1) may have been or may be concerned in money laundering, terrorism financing, or the financing of proliferation of weapons of mass destruction.

(4) A requester may, in making a request under subsection (1), disclose any risk information that the requester considers necessary to —(a)

comply with subsection (3); or

(b)

enable the discloser to identify the risk information that is being requested and to comply with the request.

(5) Subject to subsection (6), a discloser that has the risk information requested may disclose that risk information.

(6) Before disclosing any risk information under subsection (5), the discloser must be satisfied of all of the following:(a)

the threshold criteria applicable to the requester are satisfied;

(b)

the risk information requested is necessary to assist the requester to assess whether the relevant party of the requester mentioned in subsection (1) may have been or may be concerned in money laundering, terrorism financing, or the financing of proliferation of weapons of mass destruction, as explained by the requester under subsection (3)(c);

(c)

the kind and amount of risk information requested for is proportionate, having regard to the likelihood that the relevant party of the requester mentioned in subsection (1) may have been or may be concerned in money laundering, terrorism financing, or the financing of proliferation of weapons of mass destruction, as explained by the requester under subsection (3)(c).

(7) A discloser that declines to disclose the risk information requested because the discloser is not satisfied of one or more of the matters referred to in subsection (6), must notify the requester of the discloser’s decision and the discloser’s reasons for the decision.

(8) A discloser may disclose any other risk information that it has if the discloser is satisfied that the other risk information is related to the requester’s request and will assist the requester to assess whether the relevant party of the requester mentioned in subsection (1) may have been or may be concerned in money laundering, terrorism financing, or the financing of proliferation of weapons of mass destruction.[Act 19 of 2023 wef 01/04/2024]

—(1) Subject to this section, a prescribed financial institution (called in this section the requester) may request from another prescribed financial institution (called in this section the discloser) any risk information relating to —(a)

a relevant party of the requester which the requester knows or has reason to believe is a relevant party of the discloser;

(b)

a relevant party of the requester, where the requester knows that the relevant party is a party to a wire transfer or value transfer in respect of which the discloser is —(i)

the ordering institution;

(ii)

the intermediary institution; or

(iii)

the beneficiary institution, the wire transfer beneficiary or the value transfer beneficiary;

(c)

a relevant party (A) of the discloser, where the requester knows that a relevant party of the requester and A are counterparties to a wire transfer or value transfer in respect of which the discloser is —(i)

the ordering institution; or

(ii)

the beneficiary institution;

(d)

a relevant party of the requester, where the requester knows that the relevant party is a party to a series of wire transfers or value transfers in respect of which for any wire transfer in the series of wire transfers or value transfer in the series of value transfers (as the case may be), the discloser is —(i)

the ordering institution;

(ii)

the intermediary institution; or

(iii)

the beneficiary institution, the wire transfer beneficiary or the value transfer beneficiary; or

(e)

a relevant party (B) of the discloser, where the requester knows that a relevant party of the requester and B are counterparties to a series of wire transfers or value transfers in respect of which for any wire transfer in the series of wire transfers or value transfer in the series of value transfers (as the case may be), the discloser is —(i)

the ordering institution; or

(ii)

the beneficiary institution.

(2) A requester must be satisfied of the following before making a request under subsection (1):(a)

the threshold criteria for the request applicable to the requester are satisfied;

(b)

in the case of a request under paragraph (b) or (c) of subsection (1), that at least one high-risk indicator of the requester’s relevant party considered by the requester in determining that the threshold criteria are satisfied relates to the wire transfer or value transfer in respect of which the request under that paragraph was made;

(c)

in the case of a request under paragraph (d) or (e) of subsection (1), that at least one high-risk indicator of the requester’s relevant party considered by the requester in determining that the threshold criteria are satisfied relates to the series of wire transfers or value transfers in respect of which the request under that paragraph was made.

(3) A request mentioned in subsection (1) must —(a)

disclose the threshold criteria applicable to the requester and identify the high-risk indicators of the requester’s relevant party that the requester has considered in determining that the threshold criteria applicable to the requester are satisfied;

(b)

contain a statement to the effect that the requester is satisfied that the threshold criteria applicable to the requester are satisfied; and

(c)

explain how the risk information requested would assist the requester in assessing whether the relevant party of the requester mentioned in subsection (1) may have been or may be concerned in money laundering, terrorism financing, or the financing of proliferation of weapons of mass destruction.

(4) A requester may, in making a request under subsection (1), disclose any risk information that the requester considers necessary to —(a)

comply with subsection (3); or

(b)

enable the discloser to identify the risk information that is being requested and to comply with the request.

(5) Subject to subsection (6), a discloser that has the risk information requested may disclose that risk information.

(6) Before disclosing any risk information under subsection (5), the discloser must be satisfied of all of the following:(a)

the threshold criteria applicable to the requester are satisfied;

(b)

the risk information requested is necessary to assist the requester to assess whether the relevant party of the requester mentioned in subsection (1) may have been or may be concerned in money laundering, terrorism financing, or the financing of proliferation of weapons of mass destruction, as explained by the requester under subsection (3)(c);

(c)

the kind and amount of risk information requested for is proportionate, having regard to the likelihood that the relevant party of the requester mentioned in subsection (1) may have been or may be concerned in money laundering, terrorism financing, or the financing of proliferation of weapons of mass destruction, as explained by the requester under subsection (3)(c).

(7) A discloser that declines to disclose the risk information requested because the discloser is not satisfied of one or more of the matters referred to in subsection (6), must notify the requester of the discloser’s decision and the discloser’s reasons for the decision.

(8) A discloser may disclose any other risk information that it has if the discloser is satisfied that the other risk information is related to the requester’s request and will assist the requester to assess whether the relevant party of the requester mentioned in subsection (1) may have been or may be concerned in money laundering, terrorism financing, or the financing of proliferation of weapons of mass destruction.[Act 19 of 2023 wef 01/04/2024]