Section 8 Money Laundering Act

Section 8 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Preservation of records. It provides as follows:

(1) Financial institution and designated non-financial business and profession shall preserve and keep at the disposal of the authorities specified in section 9 of this Act—

(a) all necessary records on transactions, both domestic and international, for at least five years following completion of the transaction ; and

(b) all records obtained under section 4 of this Act, including account files and business correspondence, and results of any analysis undertaken, for at least five years following the termination of the business relationship or after the date of the occasional transaction.

(2) The records referred to in subsection (1) shall be—
(a) sufficient to permit individual transactions to be readily reconstructed at any time by the competent authorities ; and
(b) made swiftly available to the competent authorities.

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