Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

106.

Holders of authorisations to retain certain records.

106.— (1) The holder of an authorisation shall—

( a) retain at an office or other premises in the State such records as may be specified by the Minister, and

( b) notify the Minister in writing of the address of any office or other premises where those records are retained.

(2) The requirement imposed by subsection (1) is in addition to, and not in substitution for, any other requirements imposed under any other enactment or rule of law with respect to the retention of records by the holder of an authorisation, including the requirements specified in section 55 .

(3) The holder of an authorisation shall retain the records referred to in subsection (1) for a period of not less than 6 years after—

( a) in the case of a record made in relation to a customer of the holder, the last dealing with the customer, or

( b) in any other case, the record is made.

(4) The holder of an authorisation may keep the records referred to in subsection (1) wholly or partly in an electronic, mechanical or other non-written form only if they are capable of being reproduced in a written form.

(5) The obligations that are imposed on a holder of an authorisation under this section continue to apply to a person who has been the holder of an authorisation, but has ceased to hold an authorisation or to carry on business as a trust or company service provider.

(6) A requirement for the holder of an authorisation that is a body corporate to retain any record under this section applies to any body corporate that is a successor to, or a continuation of, the body corporate.

(7) 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.

(8) A 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).