(1) A licensee shall retain for a period of at least 7 years from the date of creation of each particular record, all records created and obtained by the licensee, in particular records of each transaction executed by the licensee, records of each outstanding transaction, bank reconciliation records and bank statements received during the course of operation and administration of the money services business of the licensee.
(2) The retention of records under subsection (1) may be effected by electronic means.