Page 39 - FIC ANTI MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING LEGISLATION

Chapter 3 I FIC Act
PART 2: DUTY TO KEEP RECORD
22. Obligation to keep customer due diligence records
(1) When an accountable institution is required to obtain information pertaining to a client or prospective client pursuant to sections 21 to 21H the institution must keep a record of that information.
(2) Without limiting subsection (1), the records must–
(a) include copies of, or references to, information provided to or
obtained by the accountable institution to verify a person’s identity; and
(b) in the case of a business relationship, reflect the information obtained by the accountable institution under section 21A concerning–
(i) the nature of the business relationship;
(ii) the intended purpose of the business relationship; and
(iii) the source of the funds which the prospective client is expected to use in concluding transactions in the course of the business relationship.
22A. Obligation to keep transaction records
(1) An accountable institution must keep a record of every transaction, whether the transaction is a single transaction or concluded in the course of a business relationship which that accountable institution has with the client, that are reasonably necessary to enable that transaction to be readily reconstructed.
(2) Without limiting subsection (1), records must reflect the following information:
(a) The amount involved and the currency in which it was denominated;
(b) the date on which the transaction was concluded;
(c) the parties to the transaction;
(d) the nature of the transaction;
(e) business correspondence; and
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