(1) A Reporting Financial Institution shall keep records that it obtains or creates for the purpose of complying with this Act, including self-certifications and records of documentary evidence.
(2) A Reporting Financial Institution required by this Act to keep records that does so electronically shall retain them in an electronically readable format for the retention period referred to in subsection (4).
(3) A Reporting Financial Institution that obtains or creates records, as required under this Act, in a language other than English shall, upon request, provide an English translation to the competent authority.
(4) A Reporting Financial Institution that is required to keep, obtain or create records under this Act shall retain those records for a period of at least 6 years following —
(a) in the case of self-certification, the last day on which a related financial account is closed; and (Substituted by Act 7 of 2018)
(b) in any other case, the end of the last calendar year in respect of which the record is relevant.