S.L. 373.1 Art. 13Record keeping procedures.  

(1) Subject persons shall retain the following documents and information for the purposes of the prevention, detection, analysis and investigation of money laundering or funding of terrorism activities by the Financial Intelligence Analysis Unit, relevant supervisory authorities, or law enforcement agencies in accordance with the provisions of applicable law:

(a) in relation to any business relationship that is formed or an occasional transaction that is carried out, the customer due diligence documentation, data and information obtained in fulfilment of the requirements under regulations 7 to 12;

(b) supporting evidence and records necessary to reconstruct all transactions carried out by that person in the course of a business relationship or any occasional transaction, which shall include original documents or other copies admissible in court proceedings;

(c) a record of any disclosures made to the Financial Intelligence Analysis Unit in accordance with regulation 15(3);

(d) a record of any internal reports made in accordance with regulation 15(1)(a);

(e) a record of any written determinations made in accordance with regulation 15(1)(b);

(f) a record of any training provided in accordance with regulation 5(5)(e); and

(g) any other document, data or information which the Financial Intelligence Analysis Unit may require to be maintained in accordance with procedures and guidance issued in terms of regulation 17.

(2) The documentation, data or information referred to in sub-regulation (1) shall be kept for a period of five years commencing on –

(a) in relation to the documentation, data or information described in paragraph (a) thereof, the date when the business relationship ends or when the occasional transaction is carried out, and where the formalities necessary to end a business relationship could not be observed, the date on which the last transaction in the course of that business relationship was carried out;

(b) in relation to the supporting evidence and records described in paragraph (b) thereof, the date when the AND FUNDING OF TERRORISM business relationship ends or when the occasional transaction is carried out, and where the formalities necessary to end a business relationship could not be observed, the date on which the last transaction in the course of that business relationship was carried out;

(c) in relation to the records described in paragraphs (c) to (e), the later between the following:

(i) the date when the business relationships ends or the occasional transaction is carried out; or

(ii) the date when the report or determination is submitted or drawn up, as the case may be;

(d) in relation to the records described in paragraph (f), the date when the event referred to therein took place:

Provided that, in relation to records relating to an occasional transaction consisting in several operations which appear to be linked, the aforesaid period of five years shall commence on the date on which the last operation took place:

Provided further that the period of five years may be further extended, up to a maximum retention period of ten years, where, after a thorough assessment of the necessity and proportionality of such further extension, it is concluded that the extension is justified as necessary for the purposes of the prevention, detection, analysis and investigation of money laundering or funding of terrorism activities by the Financial Intelligence Analysis Unit, relevant supervisory authorities or law enforcement agencies.

(3) Subject persons shall ensure that, upon request, all records maintained in accordance with this regulation are made available to the Financial Intelligence Analysis Unit and, as may be allowed by law, to relevant supervisory authorities and law enforcement agencies, for the purposes of the prevention, detection, analysis and investigation of money laundering and the funding of terrorism.

(4) Subject persons shall have systems in place that enable them to respond fully and efficiently, through secure means that ensure confidentiality, to enquiries from the Financial Intelligence Analysis Unit, relevant supervisory authorities or law enforcement agencies, in accordance with applicable law, as to –

(a) whether they maintain or have maintained during the previous five years a business relationship with a specified natural or legal person; and

(b) the nature of that relationship.

(5) The retention of personal data shall no longer be deemed necessary for the purposes of these regulations beyond the period established in terms of sub-regulation (2) or any extension thereof as may become applicable in terms of the second proviso to sub-regulation (2).

(6) The processing of personal data for the purposes of the Act and these regulations shall be deemed to be a matter of public interest under Regulation (EU) 2016/679, and the term "personal data" shall have the same meaning as is assigned to it under Regulation (EU) 2016/679.

(7) The provisions of this regulation shall be without prejudice to the right of any other authority in terms of applicable law to access the documents, data and information described in sub-regulation (1)(a) and (b).