Section 29: Record keeping

29. Record keeping (1) Subject to subsection (3), every licensee shall— (a) keep and maintain internal records of the identity of each of his customers; and (b) keep in relation to his business activities, a full and true written record, whether electronic or otherwise, in the English or French language, of every transaction he makes. (2) (a) For the purposes of subsection (1) (a), guidelines issued by the Commission under any relevant Act or under section 18 (1) of the Financial Intelligence and Anti-Money Laundering Act may specify the nature of customer identification documentation to be kept and maintained. (b) Records under subsection (1) (b) shall include account files and business correspondence. (c) Notwithstanding any other enactment, every record required to be kept under subsection (1) shall be kept for a period of at least 7 years after the completion of the transaction to which it relates. (3) Except where otherwise required by the Commission or under any relevant Act or other enactment, the requirement under subsection (1) shall not apply to a Global Business Licence unless the holder of the Global Business Licence also holds a licence, authorisation, approval or registration for the conduct of a financial services activity under any relevant Act. F10 – 19 [Issue 3] Financial Services Act