Financial institution ABC got a call from financial institution DEF about a former employee of ABC. ABC had fired the employee for stealing funds from ABC. Can ABC tell DEF that information? Does ABC have to reveal that information to DEF?

Question

Business

Nadia Farley

28 December, 19:08

Financial institution ABC got a call from financial institution DEF about a former employee of ABC. ABC had fired the employee for stealing funds from ABC. Can ABC tell DEF that information? Does ABC have to reveal that information to DEF?

+2

Answers (1)

Know the Answer?

Lara Baldwin · Answer 1

The correct answer is that: ABC can tell DEF that information but it does not have to.

Explanation:

To begin with, the financial institutions work with so much information in their pockets about particular situations in the countries or about many other companies' sensitive data, due to the fact that they work with money as a primary asset and that brings data about every other party in the economy so that they can know who they should borrow and when they should do it. In addition to that, regarding the fact that these institutions work with a huge amount of information they are not obligated by law to share it with other companies, they can, but they do not have to.