§ 28E — Provision of risk information

28E.—(1) Subject to this section, a prescribed financial institution (called in this section the discloser) may on its own motion disclose to another prescribed financial institution (called in this section the recipient) any risk information relating to —(a)

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

(b)

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

the ordering institution; or

(ii)

the beneficiary institution;

(d)

a relevant party of the discloser, where the discloser 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 recipient 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 recipient, where the discloser knows that a relevant party of the discloser 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 recipient is —(i)

the ordering institution; or

(ii)

the beneficiary institution.

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

the threshold criteria for the disclosure applicable to the discloser are satisfied;

(b)

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

(c)

in the case of a disclosure under paragraph (d) or (e) of subsection (1), that at least one high-risk indicator of the discloser’s relevant party considered by the discloser in determining that the threshold criteria are satisfied relates to the series of wire transfers or value transfers in respect of which the disclosure under that paragraph was made.[Act 19 of 2023 wef 01/04/2024]

—(1) Subject to this section, a prescribed financial institution (called in this section the discloser) may on its own motion disclose to another prescribed financial institution (called in this section the recipient) any risk information relating to —(a)

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

(b)

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

the ordering institution; or

(ii)

the beneficiary institution;

(d)

a relevant party of the discloser, where the discloser 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 recipient 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 recipient, where the discloser knows that a relevant party of the discloser 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 recipient is —(i)

the ordering institution; or

(ii)

the beneficiary institution.

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

the threshold criteria for the disclosure applicable to the discloser are satisfied;

(b)

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

(c)

in the case of a disclosure under paragraph (d) or (e) of subsection (1), that at least one high-risk indicator of the discloser’s relevant party considered by the discloser in determining that the threshold criteria are satisfied relates to the series of wire transfers or value transfers in respect of which the disclosure under that paragraph was made.[Act 19 of 2023 wef 01/04/2024]