Section 87C: Exchange of information related to or relevant for AML/CFT

87C. Exchange of information related to or relevant for AML/CFT (1) Notwithstanding sections 83 and 87, the Commission may, spontaneously or upon request, exchange with a supervisory body or any other public sector agency any information relevant to the administration of the relevant Acts, including the exchange of supervisory information, related to or relevant for AML/CFT purposes, for the purpose of discharging the functions of the Commission or of that body. (2) Any information under subsection (1) may be exchanged subject to such conditions as imposed by the Commission, including conditions restricting the use and disclosure of the information imparted. (3) The Commission may, in furtherance of its objects and functions, enter into any agreement or arrangement for the exchange of information related to or relevant for AML/CFT purposes with a public sector agency, a foreign supervisory institution, a law enforcement agency or an international organisation, where the Commission is satisfied that the public sector agency, the foreign supervisory institution, the law enforcement agency or the international organisation, as the case may be, has the capacity to protect the confidentiality of the information imparted, in case such a condition of confidentiality is imposed by the Commission. (4) The Commission may exchange the following types of information when relevant for AML/CFT purposes, in particular with other supervisors that have a shared responsibility for financial institutions operating in the same group – (a) regulatory information, such as information on the domestic regulatory system and general information on the financial sectors; (b) prudential information, such as information on the financial institution’s business activities, beneficial ownership, management and fitness and propriety; and (c) such other information pertaining to AML/CFT as may be required. (5) The Commission may facilitate the conduct of investigation or inquiry by a foreign supervisory body regulating non-bank financial services. (6) (a) The Commission shall ensure that it has the prior authorisation of the requested financial supervisor for any dissemination of information exchanged, or use of that information for supervisory and nonsupervisory purposes, unless the Commission is under a legal obligation to disclose or report the information, in which case the Commission shall, at a minimum, promptly inform the requested financial supervisor of this obligation. (b) The Commission shall ensure that its prior written authorisation is sought by the requesting financial supervisor, for any dissemination of the information exchanged, or use of that information for supervisory and non-supervisory purposes, unless the requesting financial supervisor is under a legal obligation to disclose or report the information exchanged, in which case, at a minimum, the requesting financial supervisor shall be required to promptly inform the Commission of this obligation.