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Article (24)

IA-BOD-RES 10/2019
  1. Financial Institutions and Designated Non-Financial Businesses and Professions shall keep all records, documents, papers and data, for all financial operations and local or international commercial and cash transactions, for a period of no less than (5) years from the completion date of the transaction or the end of the business relationship with the Client.
     
  2. Financial Institutions and Designated Non-Financial Businesses and Professions must keep all records and documents obtained through Client due diligence measures, continuous supervision, accounts files, commercial correspondence, and copies of personal identity documents, including suspicious transaction reports and the results of any conducted analysis. This shall be for a period of no less than (5) years from the end date of the business relationship or from the closure date of the account for Clients who maintain accounts with these institutions. In addition, after the completion of an occasional process, from the date after the completion of the inspection by the supervisory authorities, from the completion date of the investigation, or from the date of a final judgment issued by the competent judicial authorities, all as the case may be.
     
  3. The operations and the documents records and the kept documents shall be so organized as to be sufficient to permit the reconstitution or re-arrangement of individual operations, the analysis of data and the tracking of financial operations, in such a manner as to provide, where appropriate, evidence of claim against criminal activity.
     
  4. Financial Institutions and Designated Non-Financial Businesses and Professions shall ensure all Client information related to Client due diligence, ongoing control and the results of their analysis, records, files, documents, correspondence and forms thereof immediately available to the concerned authorities upon their request.
     
This article has been amended by Cabinet Resolution No. (24) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
Version 1(effective from 10/02/2019 to 01/04/2022)

 

  1. Financial Institutions and DNFBPs shall maintain all records, documents, data and statistics for all financial transactions and local or international commercial and cash transactions for a period of no less than five years from the date of completion of the transaction or termination of the business relationship with the Customer.
     
  2. Financial institutions and DNFBPs shall keep all records and documents obtained through CDD measures, ongoing monitoring, account files and business correspondence, and copies of personal identification documents, including STRs and results of any analysis performed , For a period of no less than five years from the date of termination of the business relationship or from the closing date of the account to Customers who maintain accounts with these institutions or after the completion of a casual transaction or from the date of completion of the inspection by the Supervisory authorities, or from the date of issuance of a final judgment of the competent judicial authorities, all depending on the circumstances.
     
  3. The records, documents and documents kept shall be organised so as to permit data analysis and tracking of financial transactions.
     
  4. Financial Institutions and DNFBPs shall make all Customer information regarding CDD towards Customers, ongoing monitoring and results of their analysis, records, files, documents, correspondence and forms available immediately to the competent authorities upon request.