Section 16
Section 17 of the principal Act is amended—
(a)
in subsection (1)—
(i)
by inserting after the words “reporting institution”
the words “, or the director, officer or employee of the reporting institution”; and
(ii)
by inserting after the words “completed or terminated” the words “, whichever is later”;
Anti-Money Laundering, Anti-Terrorism
Financing and Proceeds of Unlawful
Activities (Amendment)
(b)
by substituting for subsection (2) the following subsection:
“(2) A reporting institution, or the director, officer or employee of the reporting institution shall also maintain records to enable the reconstruction of any transaction or activity.”;
(c)
in subsection (3), by inserting after the words “reporting institution” the words “, or the director, officer or employee of the reporting institution”; and
(d)
in subsection (4), by substituting for the words “reporting institution which” the words “reporting institution which, or the director, officer or employee of the reporting institution who,”.
Amendment of section 18