October 16th, 2024
Sharing personal information among financial institutions: A right that may be expanded for improved anti-money laundering efforts
Pursuant to the Budget Implementation Act, 2024, No. 1, passed on June 20, 2024, reporting entities subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including banks and other institutions, are to be permitted to share an individual’s personal information with each other, without the individual’s knowledge or consent, for the purpose of detecting or deterring money laundering, terrorist activity financing or sanctions evasion.