Article 16
| No: 14525 | Date(g): 8/11/2017 | Date(h): 19/2/1439 | Status: In-Force |
Effective from 2017-11-08 - Nov 07 2017
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| 1- | FIs, DNFBPs, and NPOs as well as their Members of Board of Directors, directors, Members of its executive or supervisory management, and employees are prohibited from disclosing to a customer or any other person the fact that a report under this Law or related information will be, is being or has been submitted to the Directorate, or that a criminal investigation is being or has been carried out. This shall not preclude disclosures or communications between directors and employees or communications with lawyers or competent authorities. | |
| 2- | FIs, DNFBPs, and NPOs as well as their Members of Board of Directors, directors, Members of its executive or supervisory management, and employees shall be protected from any liability toward the reported if they report their suspicions to the Directorate in good faith. |
16/1
The protection under Article 16 of the Law shall include protection from any criminal, civil, contractual, disciplinary or administrative liability and applies also in situations where the financial institution or designated non-financial business and profession or its employees or directors did not know precisely what the underlying criminal activity of the reported transaction was and regardless of whether illegal activity actually occurred.