CHAPTER 5

RECORD KEEPING

Section 5.1. Regulated Intermediaries shall prepare and maintain documentation on their customer relationships and transactions such that:

i.    requirements of the Act are fully met;

ii.   any transaction effected via the Regulated Intermediary can be reconstructed and from which the Council will be able to compile an audit trail for suspected money laundering, when such a report is made to it;

iii.  the Regulated Intermediary can satisfy within a reasonable time any inquiry or order from the Council as to disclosure of information, including without limitation whether a particular person is the customer or beneficial owner of transactions conducted through the Regulated Intermediaries.

Section 5.2. The following document retention periods shall be followed:

i.    All records of all transactions of covered institutions, especially customer identification records, shall be maintained and safely stored for five (5) years from the dates of transactions. 

ii.   With respect to closed accounts, the records on customer identification, account files and business correspondence, shall be preserved and safely stored for at least five (5) years from the dates when they were closed.

iii.   SRC Rules 52.1-1 (Books and Records Keeping Rule) and SRC Rule 52.1-2 (Records Retention Rule) are thus, amended accordingly by the Act.

Section 5.3. Transaction documents may be retained as originals or copies, on microfilm, or in electronic form, provided that such forms are admissible in court, pursuant to the Revised Rules of Court and the E-Commerce Act and its Implementing Guidelines.

Section 5.4.  Notwithstanding paragraph 5.2, if the records relate to on-going investigations or transactions that have been the subject of a disclosure, they shall be retained beyond the stipulated retention period until it is confirmed that the case has been closed.

Chapter 4     Chapter 6