LEGAL ADVISER IN PRIVILEGED CIRCUMSTANCES: WHEN IS INFORMATION CONSIDERED CONFIDENTIAL?

As a legal adviser, you are privy to confidential information that must be protected at all costs. The Financial Obligations Regulations of Trinidad and Tobago outline specific circumstances under which an adviser can receive confidential information without breaching professional ethics.

Sources of Confidential Information

According to the regulations, a legal adviser can receive confidential information from:

Their client or a representative of the client, in connection with providing legal advice.
Another person seeking legal advice, provided they are acting in good faith and not attempting to further a criminal purpose known to the adviser.
In connection with legal proceedings or contemplated legal proceedings.

Maintaining Professional Integrity

It is crucial for legal advisers to understand that these regulations do not apply when information is communicated with the intention of furthering a criminal purpose known to them. This underscores the importance of maintaining professional integrity and upholding confidentiality in all interactions, regardless of the circumstances.

AUDITORS TO REVIEW COMPLIANCE PROGRAMMES

Financial Institutions and Listed Businesses

Financial institutions and listed businesses are required to review their compliance programmes annually or as specified by the relevant Supervisory Authority. The internal auditors must ensure that policies, procedures, and systems are compliant with regulatory requirements, while external auditors will evaluate compliance with relevant legislation and guidelines.

Assignment of Auditor

Where a financial institution or listed business does not engage an auditor, the Supervisory Authority will assign a competent professional to perform the necessary functions. The cost of this service will be borne by the financial institution or listed business.

CUSTOMER DUE DILIGENCE: A PRIORITY FOR FINANCIAL INSTITUTIONS

Financial Transactions Worth $90,000 or More

Financial institutions and listed businesses are required to conduct customer due diligence in specific circumstances, including when entering into a financial transaction worth $90,000 or more, or when linked transactions total $90,000 or more. This includes:

Identifying the customer
Identifying the beneficial owner
Understanding the nature of the business

Relying on Third-Party Institutions

In certain cases, financial institutions may rely on third-party financial institutions or listed businesses to perform elements of customer due diligence, but ultimate responsibility for these measures remains with the institution relying on the third party.

Conclusion

These regulations serve as a reminder of the importance of maintaining transparency and integrity in all financial transactions, while also protecting confidential information and upholding professional standards.