71Communication of information by financial institutions to prescribed authorities

71 Communication of information by financial institutions to prescribed authorities

71 Communication of information by financial institutions to prescribed authorities

(1) If a financial institution has information about an account held with the institution and the institution has reasonable grounds for believing that—

(a) the information may be relevant to an investigation of, or the prosecution of a person for, a serious offence, or

(b) the information would otherwise be of assistance in the enforcement of this Act or the regulations,

the institution may give the information to a prescribed authority.

(2) An action, suit or proceeding does not lie against—

(a) a financial institution, or

(b) an officer, employee or agent of the institution acting in the course of the person’s employment or agency,

in relation to any action taken by that institution or person pursuant to subsection (1).