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Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Chapter 3 : Money Laundering, Financing of Terrorist and Related Activities and Financial Sanctions Control Measures

Part 2 : Duty to keep record

22A. Obligation to keep transaction records


(1) An accountable institution must keep a record of every transaction, whether the transaction is a single transaction or concluded in the course of a business relationship which that accountable institution has with the client, that are reasonably necessary to enable that transaction to be readily reconstructed.


(2) Without limiting subsection (1), records must reflect the following information:
(a) The amount involved and the currency in which it was denominated;
(b) the date on which the transaction was concluded;
(c) the parties to the transaction;
(d) the nature of the transaction;
(e) business correspondence; and
(f) if an accountable institution provides account facilities to its clients, the identifying particulars of all accounts and the account files at the accountable institution that are related to the transaction.


[Section 22A inserted by section 12 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]