Other obligations of reporting entities

(1) Reporting entities shall establish and maintain– (a) records of all transactions in accordance with the requirements of sub-section (3); (b) where evidence of a person’s identity is obtained in accordance with section 15, a record that indicates the nature of the evidence obtained, and which comprises either a copy of the evidence or such information as would enable a copy of it to be obtained; (c) account files and business correspondence in relation to accounts; and (d) written reports established in accordance with section 17. (2) Customer accounts of a reporting entity shall be kept in the true name of the account holder. (3) Records required under sub-section (1), shall contain particulars sufficient to identify– (a) the name, address and occupation or, where appropriate, business or principal activity of each person58[CAP. 104 Money Laundering and Terrorism (Prevention) (i) conducting the transaction; or (ii) if known, on whose behalf the transaction is being conducted, as well as the method used by the reporting entity to verify the identity of each such (iii) conducting the transaction; or (iv) if known, on whose behalf the transaction is being conducted; (b) the nature and date of the transaction; (c) the type and amount of currency involved; (d) the type and identifying number of any account with the reporting entity involved in the transaction; (e) if the transaction involves a negotiable instrument other than currency, the name of the drawer of the instrument, the name of the institution on which it was drawn, the name of the payee, if any, the amount and date of the instrument, the number, if any, of the instrument and details of any endorsements appearing on the instrument; and (f) in the case of reports under section 17 and any other reports, the name and address of the reporting entity, and of the officer, employee or agent of the reporting entity who prepared the report. (4) Records required under sub-section (1) shall be kept by the reporting entity– (a) for a period of at least 5 years from the date the relevant business or transaction was completed, or termination of business relationship, whichever is the later; or (b) any longer period if requested by the competent authority in specific cases and upon proper authority and the requirement to keep the record shall apply whether the account or business relationship is ongoing or has been terminated. (4A) The competent authority may, in writing, require a reporting entity to keep a record for a specified period of time. (4B) A reporting entity shall keep such records of a transaction that are sufficient to permit reconstruction of individual transactions. (4C) Any record kept under this section, shall be maintained in a manner for use as evidence for prosecution of an offence. (4D) A reporting entity shall ensure that customer information and transaction records are available on a timely basis to domestic authorities upon proper authority. (4E) The receiving intermediary or third party reporting entity shall keep all records received from an ordering financial institution where technical limitations would prevent the full originator information that should accompany a cross-border wire transfer from being transmitted with a related domestic wire transfer for five years. (5) A reporting entity shall– (a) comply with any instruction issued to it by the Financial Intelligence Unit pursuant to section 11(1)(d); 60[CAP. 104 Money Laundering and Terrorism (Prevention) (b) permit any authorized officer of the Financial Intelligence Unit to enter into any premises of the reporting entity during normal working hours and inspect the records kept pursuant to the provisions of sub-section (1) and make any notes or take any copies of the whole or any part of any such record and shall answer any questions of the Financial Intelligence Unit in relation to such records; and (c) (i) any guidelines issued by the Financial Intelligence Unit or a supervisory authority in accordance with section 11(1)(e) or 21(2)(b); and (ii) any training requirements provided by the Financial Intelligence Unit in accordance with section 11(1)(h). (6) Repealed. (7) Every reporting entity that contravenes or fails to comply with the provisions of this section shall be liable to a fine of up to five thousand dollars by the Financial Intelligence Unit. (8) Repealed.