| Record-keeping requirements in respect of | ||
| Each customer | Each transaction | |
| For how long should records be kept? | Throughout the continuance of the business relationship with the customer and for a period of at least 5 years after the end of the business relationship. | At least 5 years after the completion of a transaction regardless of whether the business relationship ends during the period. |
| What records should be kept? | The original or a copy of : 1. the documents, and a record of the data and information obtained in the course of identifying and verifying the identity of a. the customer; b. beneficial owner of the customer; c. the person who purports to act on behalf of the customer; and d. other connected parties to the customer. 2. the documents, and a record of the data and information, on the purpose and intended nature of the business relationship; and 3. the files relating to the customer’s business relationship and business correspondence with the customer and any beneficial owner of the customer. | The original or a copy of the documents, and a record of the data and information obtained in connection with the transaction, including the following types of information: 1. the identity of the parties to the transaction; 2. the nature and date of the transaction; 3. the type and amount of currency involved; 4. the origin of the funds (if known); 5. the form in which the funds were offered or withdrawn, e.g. cash, cheques, etc; 6. the destination of the funds; 7. the form of instruction and authority; and 8. the type and identifying number of any account involved in the transaction (where applicable). |
If the record consists of a document, either the original of the document should be retained or a copy of the document should be kept on microfilm or in the database of a computer. If the record consists of data or information, such record should be kept either on microfilm or in the database of a computer.
The Registrar may, by notice in writing to a licensee, require it to keep the records relating to a specified transaction or customer for a specified period that is longer than those referred to in paragraph 9.3 above, where the records are relevant to an ongoing criminal or other investigation, or any other purposes as specified in the notice.