In forceAmendedUpdated to 30 Jun 2025

Contents

Financial Services and Markets Act 2022 · Updated to 30 Jun 2025 · Part 4A · Information Sharing Scheme for Prescribed Financial Institutions

28F. Publication on electronic information sharing system

Amended

Last amended by an amending law of 2023.

(1)

Subject to this section, a prescribed financial institution (called in this section a lister) that —

(a)

has made a suspicious transaction report in respect of any property; and

(b)

has —

(i)

declined to establish a relationship, or decided to decline to establish a relationship, with a relevant party connected to the property; or

(ii)

terminated a relationship, or decided to terminate a relationship, with a relevant party connected to the property,may publish any risk information that the Authority may specify relating to the relevant party connected to the property to all prescribed financial institutions on the electronic information sharing system established under section 28N(1).

(2)

Before making a publication under subsection (1), the lister must be satisfied that the threshold criteria for publication applicable to the lister are satisfied.

(3)

Any prescribed financial institution may access the risk information published by the lister under subsection (1).

(4)

For the purposes of this section, a relevant party is connected to a property if —

(a)

the property is owned or controlled, directly or indirectly, by the relevant party; or

(b)

where the property is —

(i)

the subject of a transaction that is a wire transfer, the relevant party is the wire transfer originator or wire transfer beneficiary; and

(ii)

the subject of a transaction that is a value transfer, the relevant party is the value transfer originator or value transfer beneficiary.

(5)

In this section, “suspicious transaction report” means a disclosure under section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992.

Report

Read on from s 28G

Part 5