What is a requirement of the Gramm-Leach-Bliley Act regarding privacy?

The requirement of the Gramm-Leach-Bliley Act regarding privacy emphasizes the importance of transparency between financial institutions and their customers. Specifically, it mandates that customers must be notified about their rights concerning their personal financial information both at the outset of the relationship and on an annual basis. This ensures that customers are aware of how their data will be used, shared, and protected, reinforcing the principle of informed consent in handling personal information. This requirement is crucial for maintaining trust between consumers and financial institutions and helps establish a framework for privacy and data protection.

The other options do not align with the core mandates of the Gramm-Leach-Bliley Act. Notification at the end of a contract does not ensure ongoing transparency, while sharing information is not encouraged without proper consent and notification. The act also does not require annual financial audits in relation to privacy matters.