Laura WilesThe Government has published guidance on the information sharing measures under ECCTA 2023.
The guidance sets out:
- The policy intent of the measures – namely the disapplication of confidentiality and civil liability for sharing customer information – for the purposes of preventing, detecting or investigating economic crime – between AML regulated firms;
- How AML regulated firms can ensure they are protected by the measures when undertaking director or indirect sharing;
- Handling conditions for sharing and receiving information and undertaking law enforcement reporting;
- UK GDPR compliance; and
- Maintaining effective customer complaint processes.