Section 22: Obligation to keep customer due diligence records

# 22. Obligation to keep customer due diligence records

(1) When an accountable institution is required to obtain information pertaining to a client or prospective client pursuant to sections 21 to 21H the institution must keep a record of that information.

(2) Without limiting subsection (1), the records must—

(a) include copies of, or references to, information provided to or obtained by the accountable institution to verify a person's identity; and

(b) in the case of a business relationship, reflect the information obtained by the accountable institution under section 21A concerning—

(i) the nature of the business relationship;

(ii) the intended purpose of the business relationship; and

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(iii) the source of the funds which the prospective client is expected to use in concluding transactions in the course of the business relationship.