Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 26 November 2018 - onwards
  Version 4 of 4    

55. Keeping of records by designated persons.

(1) A designated person shall keep records evidencing the procedures applied, and information obtained, by the designated person under Chapter 3 in relation to -

(a) each customer, and

(b) in the case of a designated person to whom section 38 applies, each correspondent relationship.

(2) Without prejudice to the generality of subsection (1), a designated person shall take the original or a copy of all documents used by the designated person for the purposes of Chapter 3, including all documents used to verify the identity of customers or beneficial owners in accordance with section 33.

(3) A designated person shall keep records evidencing the history of services and transactions carried out in relation to each customer of the designated person.

(4) Subject to subsections (4A), (4B) and (4C), the documents and other records referred to in subsections (1) to (3) shall be retained by the designated person for a period of not less than 5 years after -

(a) in the case of a record referred t