S.L. 373.3 Art. 4Establishment, management and administration of register.   S.L. 586. 09.

(1) The Unit shall establish, manage and administer the register wherein there shall be retained data and information on accounts identified by IBAN held by credit and financial institutions and on safe custody services provided by credit institutions, which data and information is to allow for the timely identification of any person or persons holding or controlling any such accounts or assets held under safe custody, or who may have held or controlled any such accounts or assets.

(2) The register shall contain an electronic record of the data and information that credit and financial institutions are required to hold in terms of regulation 3(1), which data and information is to be made available by credit and financial institutions in such format and with such frequency as may be prescribed by the Unit, with credit and financial institutions to retain such records as may be necessary to show that they have fulfilled any such obligations for a period of five

(5) years from the date on which data and information was submitted or was required to be submitted, whichever is the earlier.

(3) In carrying out the functions referred to in sub-regulation (1), the Unit shall have regard to the highest technological standards and shall ensure that any of its officers or employees responsible for its management and administration are of high integrity and receive proper and regular training as to the confidentiality and data protection obligations applicable to the register.

(4) Any data or information contained in the register shall be so held for five (5) years following the closure of the account or the termination of the safe custody service as may be applicable, upon the expiry of which the data and information so held shall be deleted:

Provided that the period of five (5) years may be further ACCOUNT REGISTER

extended, up to a maximum retention period of ten (10) years, where such extension would be considered necessary for the purposes of the prevention, detection, analysis, investigation or prosecution of money laundering, associated predicate offences, funding of terrorism or any other serious criminal offence.

(5) The rights of the data subject referred to in regulation 4

of the Restriction of the Data Protection (Obligations and Rights)

Regulations, in particular the right of access, shall be restricted, partially or completely, where such a restriction is necessary and proportionate for the Unit to ensure the proper functioning of the register and avoid causing prejudice to any action being undertaken by any of the authorities that are to be allowed access thereof in terms of regulation 6 in the course of its functions at law.