16. Record keeping

(1)

An accounting entity must keep the records (including electronic records) specified in paragraph (2) for a period of at least 5 years beginning on the date on which the business relationship ends.

(2)

The records in paragraph (1) are —

(a)

a copy of the information and evidence of —

(i)

the client’s identity;

(ii)

the identity of the client’s agent, if any; and

(iii)

the identity of each beneficial owner in relation to the client, if any,referred to in or obtained pursuant to rules 5 to 14; and

(b)

the supporting records (consisting of the original documents or copies of the original documents) in respect of a business relationship which is the subject of any CDD measures (including simplified CDD measures or enhanced CDD measures) or ongoing monitoring (including enhanced ongoing monitoring).

(3)

The records specified in paragraph (2) must be sufficient to permit a reconstruction of individual transactions (including the amounts and types of currency involved, if any).

Subregulation 1