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Article 5 Institutions

An institution shall:

(a) keep for a period of five (5) years after the relationship has ended a copy of the evidence of identity of each client as may be provided for in the regulations made pursuant to this Law;
(b) keep a transaction record of any new or unrelated transaction for a period of five (5) years after the termination of the transaction so recorded;
(c) report to the Enforcement Unit and the relevant entities any transactions suspected by the relevant officer by reason of the identity of the persons involved, the nature of the transaction or any other circumstances;
(d) provide the Enforcement Unit with such further information or assistance as the Enforcement Unit may request;
(e) comply with the instructions of the relevant entities regarding developing and applying internal policies, procedures and controls including the designation of compliance officers at management level to combat money laundering and develop audit functions to evaluate such policies, procedures and controls;
(f) co-operate with any Government entity including the Enforcement Unit;
(g) develop and apply a procedure to audit compliance with the provisions of this Article;
(h) not open or keep any secret, fictitious, or anonymous accounts.
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