Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies
82. Retention of records
Feedback & support(1)
A Labuan trust company shall maintain any record as may be required to be kept under this Act for a period of not less than six years from the date an account has been closed or the transaction has been completed or terminated.
Labuan trust company
Defined · s 2
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;
(2)
Any Labuan trust company which contravenes subsection (1)
commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding three years or to both.