Retention of records

(1) Subject to sub-section (2), all accounting records shall be maintained and retained for a period of not less than five years following the closure of an account, or the end of a transaction, or the termination of a business relationship, whether such relationship is a one-off, regular, or habitual relationship. (2) Where there has been a report of a suspicious transaction or an entity is aware of a continuing investigation into money laundering or other criminal activity relating to a client or a transaction, the records relating to such client or transaction shall be retained until the conclusion of such investigation or the period of five years, whichever is the later.