Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
|
Keeping of records by designated persons. |
55.— (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 banking 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) The documents and other records referred to in subsections (1) to (3) shall be retained by the designated person, at an office or other premises in the State, for a period of not less than 5 years after— | ||
(a) in the case of a record referred to in subsection (1)(a), the date on which the designated person ceases to provide any service to the customer concerned or the date of the last transaction (if any) with the customer, whichever is the later, | ||
(b) in the case of a record referred to in subsection (1)(b), the date on which the correspondent banking relationship concerned ends, | ||
(c) in the case of a record referred to in subsection (3) evidencing the carrying out of a particular transaction by the designated person with, for or on behalf of the customer (other than a record to which paragraph (d) applies), the date on which the particular transaction is completed or discontinued, | ||
(d) in the case of a record referred to in subsection (3) evidencing the carrying out of a particular occasional transaction comprised of a series of transactions, with, for or on behalf of a customer, the date on which the series of transactions is completed or discontinued, or | ||
(e) in the case of a record referred to in subsection (3) evidencing the carrying out of a particular service for or on behalf of the customer (other than a record to which paragraph (c) or (d) applies), the date on which the particular service is completed or discontinued. | ||
(5) Subsection (4)(a) extends to any record that was required to be retained under section 32(9)(a) of the Act of 1994 immediately before the repeal of that provision by this Act. | ||
(6) Subsection (4)(c) to (e) extends to any record that was required to be retained under section 32(9)(b) of the Criminal Justice Act 1994 immediately before the repeal of that provision by this Act and for that purpose— | ||
(a) a reference in subsection (4)(c) to (e) to a record referred to in subsection (3) includes a reference to such a record, and | ||
(b) a reference in subsection (4)(d) to an occasional transaction comprised of a series of transactions includes a reference to a series of transactions referred to in section 32 (3)(b) of the Criminal Justice Act 1994 . | ||
(7) A designated person may keep the records referred to in subsections (1) to (6) wholly or partly in an electronic, mechanical or other non-written form only if they are capable of being reproduced in a written form. | ||
(8) The requirements imposed by this section are in addition to, and not in substitution for, any other requirements imposed by any other enactment or rule of law with respect to the keeping and retention of records by a designated person. | ||
(9) The obligations that are imposed on a designated person under this section continue to apply to a person who has been a designated person, but has ceased to carry on business as a designated person. | ||
(10) A requirement for a designated person that is a body corporate to retain any record under this section extends to any body corporate that is a successor to, or a continuation of, the body corporate. | ||
(11) The Minister may make regulations prescribing requirements relating to the retention of records referred to in this section of a body corporate that is wound up or a partnership that is dissolved. | ||
(12) A designated person who fails to comply with this section commits an offence and is liable— | ||
(a) on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months (or both), or | ||
(b) on conviction on indictment, to a fine or imprisonment for a term not exceeding 5 years (or both). |