S.L. 373.3 Art. 3Obligations of creditandfinancial institutions. S.L. 373.01.

(1) Where a credit or financial institution provides an account identified by IBAN, or where a credit institution provides safe custody services, the credit or financial institution shall, for the purposes of these regulations, maintain an electronic record of such data and information as may be prescribed by the Unit in relation to the following:

(a) the customer and, where applicable,

(i) any agent thereof authorized to act on the customer’s behalf; and

(ii) the beneficial owner of the customer;

(b) the IBAN associated with any such account or the alphanumeric code used to identify safe deposit boxes or any items entrusted to a credit institution when providing any safe custody services as are referred to hereabove;

(c) the length of time for which any account or safe custody services are provided as set out hereabove; and

(d) any other data or information on bank or payment accounts or safe custody services provided by credit institutions as the Unit may set out from time to time in procedures issued under regulation 5.

(2) Credit and financial institutions shall ensure that any data that they may be required to hold in terms of sub-regulation (1) is at all times adequate, accurate and up to date, and the electronic record thereof shall be updated immediately upon the credit or financial institution being informed or otherwise becoming aware that any of the data or information required to be held has changed.

(3) Regulation 13 of the Prevention of Money Laundering and Funding of Terrorism Regulations shall be equally applicable to the retention of the data and information that credit and financial institutions may be required to hold in terms of sub-regulation (1).