Subject Title - INSETA

The documents used to identify and verify clients as well as records of alltransactions must be retained for a period of at least five (5) years from thedate on which the business relationship was terminated.In terms of Section 24 (1):the record-keeping obligation may be outsourced to a third partyprovided the accountable institution is given free and easy access tothese records. Note that outsourcing this function to a third partydoes not discharge the accountable institution from the recordkeepingresponsibility.Section 24(2) states that:the accountable institution will still be held liable for the third party‟sfailure to comply with this obligation.Section 24(3) stipulates that:if the accountable institution appoints a third party to keep recordson its behalf, thenparticulars of the third party keeping records on behalf of theaccountable institution must be provided to the FIC.The full particulars and details of the information which must be furnished tothe FIC regarding the third party carrying out the record-keeping obligation isprescribed under Regulation 20.As in the FAIS Act, records may be kept manually or electronically.15.3.2 Reporting dutiesThe duty to report suspicious and unusual transactions is imposed on allpersons who carry on business, are in charge of or manage a business, or areemployed by the business.252 © INSETA - Section 1 12a