National Payment System Act, 1998 (Act No. 78 of 1998)
13. Retention of records
|1)||Despite anything to the contrary in any law relating to the retention of records, the Reserve Bank, Reserve Bank settlement system participants, clearing system participants, PCH system operators and system operators must retain all records obtained by them during the course of the operation and administration of a payment or Reserve Bank settlement system for a period of five years from the date of each particular record.|
|2)||Subsection (1) shall not apply to a designated settlement system operator, and any obligation of such a settlement system in relation to the retention of records shall be specified as a condition of the designation of such a settlement system under section 4A (5).|
|3)||The retention of records in terms of subsection (1) may be effected as envisaged in section 16 of the Electronic Communications and Transactions Act, 2002 (Act 25 of 2002).|
Join our mailing list!