(1) A Reporting Financial Institution may appoint a third party as its agent to carry out the duties and obligations imposed on it by this Act.
(2) Where a third party is appointed by a Reporting Financial Institution under subsection (1) —
(a) the Reporting Financial Institution shall, at all times, have access to and be able to produce, where so requested by the competent authority, the records and documentary evidence used to identify and report on Reportable Accounts; and
(b) the Reporting Financial Institution is responsible for any failure of that third party to carry out the obligations of the Reporting Financial Institution and this Act applies to the Reporting Financial Institution notwithstanding that —
(i) the actions were the action of that third party, or
(ii) the failure to act was the failure by that third party to act.