Section 14
of Criminal Asset Recovery Order, 2012
Section 14
(1)
A financial institution or designated non-financial business and profession shall establish and maintain –
(a)
records of all transactions carried out by it, in accordance with the requirements of subsection (3) or more or the equivalent in foreign cash carried out by it, in accordance with the requirements of subsection (3);
(b)
where evidence of a person’s identity is obtained in accordance with section 6 a record that indicates the nature of the evidence obtained, and which comprises either a copy of the evidence or such information as would enable a copy of it to be obtained.
(2)
Customer accounts of a financial institution or designated non-financial business and professions shall be kept in the true name of the account holder.
(3)
Records required under subsection (l)(a) shall contain particulars sufficient to identify –
(a)
the name, address and occupation (or, where appropriate, business or principal activity) of each person –
(i)
conducting the transaction or series of transactions; or
(ii)
if known, on whose behalf the transaction or series of transactions are being conducted;
(b)
the method used by the financial institution or designated nonfinancial business and professions to verify the identity of each person identified under the preceding paragraph (a);
(c)
the nature and date of the transaction;
(d)
the type and amount of currency involved;
(e)
the type and identifying number of any account with the financial institution or designated non-financial business and profession involved in the transaction;
Incorporating amendments until S 22/2017
(Cleancopy) NHN/Amiriah/Bb/Karimah as of 26.12.2019
*Note: amendment on page 7,75,81,123 on 11.01.2020
31
BLUV as at 11th March 2017
(f)
if the transaction involves a negotiable instrument other than cash, the name of the drawer of the instrument, the name of the institution on which it was drawn, the name of the payee (if any), the amount and date of the instrument, the number (if any) of the instrument and details of any endorsements appearing on the instrument;
(g)
the name and address of the financial institution or designated non-financial business and profession and of the officer, employee or agent who prepared the record.
(4)
Records required under subsection (1) shall be kept by the financial institution or designated non-financial business and profession for a period of at least 7 years from the date the relevant transaction was completed or upon which action was last taken.
(5)
For transactions or transfers that occurred prior to the commencement of this
Order, a financial institution or designated non-financial business and profession is required to disclose records in its possession, custody or control that pertain to transactions or transfers for a particular account or person, and for a particular time period.