Subsection (3) of this section is the core provision. It stipulates that the bank must report to the relevant authority – for example, the Garda, the Revenue Commissioners or the Director of Corporate Enforcement – if it comes across any information that leads it to suspect that a criminal offence or a breach of the Companies Acts or the Competition Act has been committed. The bank need not report if it is satisfied that the institution concerned has reported the information to the relevant authority. As tax evasion and failure to report money laundering of the proceeds of tax evasion are criminal offences, Senators will readily appreciate the significance of this provision in light of the DIRT and Ansbacher investigations.