AML Records

Records

A designated business shall keep records evidencing the procedures applied, and information obtained, by the designated business in relation to each customer, and each correspondent relationship.

The Minister may make regulations in respect of the retention of records. There are penalties applicable for failure to comply.

Evidence Retained

A  designated business shall take the original or a copy of all documents used by the designated business for the purposes of compliance with the obligations including all documents used to verify the identity of customers (including information from relevant trust services as set out in the Electronic Identification Regulation) or beneficial owners.

A designated business shall keep records evidencing the history of services and transactions carried out in relation to each customer of the designated business. The documents and other records shall be retained by the designated business for a period of not less than 5 years after—

• the date on which the designated business 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,
• the date on which the correspondent relationship concerned ends,
• in the case of a record evidencing the carrying out of a particular transaction by the designated business with, for or on behalf of the customer (other than the next category) , the date on which the particular transaction is completed or discontinued,
• in the case of a record 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
• in the case of a record evidencing the carrying out of a particular service for or on behalf of the customer (other than the last two categories), the date on which the particular service is completed or discontinued.

Direction to Retain

Where a member of the Garda Síochána not below the rank of Sergeant having carried out a thorough assessment of the necessity and proportionality of further retention is satisfied—

• that certain documents or records, or documents or records relating to a certain business relationship or occasional transaction, are required for the purposes of an investigation related to money laundering or terrorist financing, or
• notwithstanding the fact that a decision to institute proceedings against a person may not have been taken, that the documents or records are likely to be required for the prosecution of an offence of money laundering or terrorist financing,

the member may give a direction in writing to a designated business to retain the documents and other records for a period, up to a maximum of 5 years, additional to the above periods.

Where a direction has been given to a designated business and the circumstances no longer apply, a member of the Garda Síochána shall, as soon as practicable, notify the designated business to whom the direction was given of that fact and the direction shall expire on the date of that notification.

Mode of Record Keeping

A designated business may keep the required records wholly or partly in an electronic, mechanical or another non-written form only if they are capable of being reproduced in a written form.

The records required to be kept by a designated business may be kept outside the State provided that the designated business ensures that those records are produced in the State as soon as practicable after the records concerned are requested or where the obligation to produce the records arises under an order of a court made, within the period which applies to such production under the court order concerned.

Upon the expiry of the retention periods referred to in a designated business shall ensure that any personal data contained in any document or other record retained solely for the above purposes is deleted.