Malaysia legislation
Section 17
of ANTI-MONEY LAUNDERING AND ANTI-TERRORISM FINANCING (AMENDMENT) ACT 2014
Section 17
Section 17 of the principal Act is amended—
(a)
by substituting for subsection (1) the following subsection:
“(1) Notwithstanding any provision of any written law pertaining to the retention of documents, a reporting institution shall maintain any account, record, business correspondence and document relating to an account, business relationship, transaction or activity with a customer or any person as well as the results of any analysis undertaken, as the case may be, for a period of at least six years from the date the account is closed or the business relationship, transaction or activity is completed or terminated.”;
(b)
in subsection (2)—
(i)
by inserting after the word “specify” the words
“under section 14”;
(ii)
by substituting for the words “not less than” the words “at least”; and
(iii)
in the English language text, by substituting for the words “has been” the word “is”;
(c)
in subsection (3), by substituting for the word “record”
the words “account, record, business correspondence and document”; and
(d)
in subsection (4)—
(i)
by substituting for the words “one million” the words “three million”; and
(ii)
by substituting for the words “one year” the words
“five years”.
Substitution of section 18