Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

F194[Persons registered to retain certain records


108I. (1) A person registered shall

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

(b) notify the Bank 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 person registered.

(3) The person registered 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 person registered, the last dealing with the customer, or

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

(4) The person registered 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 by subsections (1) and (3) on a person registered continue to apply to a person who has been registered under section 108B, but has ceased to be so registered or to carry on business as a cheque cashing office.

(6) Where the person registered is a body corporate, the requirement to retain any record under this section applies to any body corporate that is a successor to, or a continuation of, the person registered.

(7) A person who fails to comply with this section commits an offence and is liable

(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months (or both), or

(b) on conviction on indictment, to a fine not exceeding 500,000 or imprisonment for a term not exceeding 3 years (or both).]




Inserted (2.12.2019) by European Union (Anti-Money Laundering: Cheque Cashing Offices) Regulations 2019 (S.I. No. 600 of 2019), reg. 2(c). A class A fine means a fine not exceeding €5,000 as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 4(1), S.I. No. 662 of 2010.