17. Retention of records

Notwithstanding any provision of any written law pertaining to the retention of documents, a reporting institution, or the director, officer or employee of the 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, whichever is later.

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.

Subsections (1) and (2) will not apply where a reporting institution, or the director, officer or employee of the reporting institution has transmitted the account, record, business correspondence and document to the competent authority or an enforcement agency.

Any reporting institution which, or the director, officer or employee of the reporting institution who, contravenes subsection (1)