Compliance measures

(1) The competent authority may from time to time and at the expense of the entity cause the conduct of an on-site inspection of the business for the purpose of verifying the information sworn or affirmed to in the report submitted in accordance with section 10. (2) The competent authority may in such cases where it is unable to conduct an on-site inspection, designate an approved auditor to conduct the inspection, and that person shall submit a report thereon to the competent authority. (3) If the information required by the competent authority under this Act is outside of Belize, the competent authority shall request the entity to provide such information to the competent authority in Belize, within a specified period and the entity shall comply with such requirement. (4) The competent authority shall provide all necessary resources to ensure effective supervision and monitoring of compliance with this Act. (5) An entity shall retain for a period of at least five years from the date the relevant business or transaction was completed or if the business relationship was terminated, whichever is later, any book, document, electronically stored information or other record that relates to the information required to be reported to the competent authority under this Act.