Section 54A: Protection of whistleblowers

54A. Protection of whistleblowers (1) Subject to subsection (4), where a director, a senior officer, an employee or an agent of a financial institution – (a) discloses to the central bank that the financial institution or a customer of the financial institution may have been involved in an act which constitutes a breach of the banking laws; and (b) at the time he makes the disclosure, has reasonable grounds to believe that the information he discloses may be true, he shall incur no civil or criminal liability as a result of such disclosure and no disciplinary action shall be initiated against him by reason of such disclosure. (2) The central bank shall not, without the consent of the person making the disclosure, disclose the identity of that person. (3) Any person who commits an act of victimisation against a person who has made a disclosure under subsection (1) shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 5 years. Acts 2019 265 (4) Any person who wilfully makes a false disclosure under subsection (1) shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 5 years. (5) In this section – “victimisation” means an act – (a) which causes injury, damage or loss; (b) of intimidation or harassment; (c) of discrimination, disadvantage or adverse treatment in relation to a person’s employment; or (d) amounting to threats of reprisals. (g) in section 63(3), by inserting, after the words “due on any”, the words “Saturday,”; (h) in section 64 (7A)(a), by inserting, after the words “purpose of conducting”, the words “such risk management functions as may be approved by the central bank or”.