Section 33: Records

33. Records (1) Every financial institution shall, for the purposes of the banking laws, keep in relation to its activities, a full and true written record of every transaction it conducts. (2) The records under subsection (1) shall include— (a) accounting records exhibiting clearly and correctly the state of its business affairs and explaining its transactions and financial position so as to enable the central bank to determine whether the financial institution complies with the banking laws; (b) the financial statements; (c) account files of every customer, business correspondences exchanged with every customer and records showing, for every customer, at least on a daily basis, particulars of its transactions with or for the account of that customer, and the balance owing to or by that customer; (d) proper credit documentation; and (e) such other records as the central bank may determine. (3) Every record under this section shall be kept— (a) in written form or on microfilm, magnetic tape, optical disk or such other form of mechanical or electronic data storage and retrieval mechanism as the central bank may determine; (b) for a period of at least 7 years after the completion of the transaction to which it relates; [Issue 9] B3 – 28 (4) Revised Laws of Mauritius (c) at the principal office of the financial institution, or at such other place as the central bank may approve; and (d) for identification purposes, in chronological order or sequential order, as appropriate, in batches of convenient size. [S. 33 amended by s. 2 (c) of Act 14 of 2005 w.e.f. 10 November 2004; s. 2 (k) of Act 18 of 2008 w.e.f. 19 July 2008.]