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Article (16)

Every Relevant Person shall maintain the information and documents relating to the identity of their clients and representatives, and the beneficiaries of the transaction, in addition to accounting and other records containing the details of transactions, including type, date of execution and value of transaction, and the identity particulars of the client. Any changes which might occur to the status of a client shall be regularly updated, and the relevant persons shall have the necessary system and the procedures in place that enables them to update such records.

The particulars and documents shall be sufficient enough to identify the transaction — whether being a single transaction or a group of transactions — from the primary documents to the completed stage of the transaction.

The abovementioned records and documents shall, together with all correspondence relating to the transaction be kept for a period of five years, commencing from the date of execution of the transaction. All such records and their supporting documents shall be stored in an easily retrievable manner.

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