Subject Title - INSETA

The Registrar has certain powers in terms of the Act to disclose informationrelating to representatives, key individuals and FSPs (such as debarment,licence withdrawals, etc.) and such disclosure is not a contravention of therequirements of the General Code.12.2 RECORD-KEEPING OBLIGATIONS UNDER THE FINANCIALINTELLIGENCE CENTRE ACT AND OTHER LEGISLATION12.2.1 Record-keepingA FSP must have and be able to maintain the operational ability to fulfil theresponsibilities imposed by the FAIS Act, including compliance with the FICAct. 153 (We discussed some aspects relating to the FIC Act in Chapter 10above.)Section 22 of FICA requires accountable institutions that establish a businessrelationship or conclude a transaction with a client, to keep records of asingle transaction or of additional transactions concluded in the course of abusiness relationship.It also prescribes full particulars and details of the information that must bekept as records.The documents used to identify and verify clients as well as recordsof all transactions must be retained for a period of at least five (5)years from the date on which the business relationship wasterminated.In terms of Section 24 (1), the record-keeping obligation may be outsourcedto a third party provided the accountable institution is given free and easyaccess to these records. Note that outsourcing this function to a third partydoes not discharge the accountable institution from the record-keepingresponsibility.Section 24(2) states that the accountable institution will still be held liable forthe third party‟s failure to comply with this obligation.153 BN 106 of 2008222 © INSETA - Section 1 12a