Entire section

8. Collecting, reporting and keeping records of information

(10) A Reporting Financial Institution must collect and report to the Competent Authority the information required by the Common Reporting Standard by way of the reporting system provided by the Competent Authority for this purpose in the manner and on dates prescribed by the AIFC Common Reporting Standard Rules.

(11) A Reporting Financial Institution must establish and implement appropriate systems and internal procedures to enable its compliance with these Regulations.

(12) A Reporting Financial Institution must keep records of the steps undertaken and any evidence relied upon for the performance of the due diligence procedures and measures to obtain those records that the Reporting Financial Institution obtains or creates for the purpose of complying with these Regulations.

(13) All records required to be kept by Reporting Financial Institutions pursuant to the provisions of these Regulations must be retained in an electronically readable format for a retention period of 6 years after the date upon which such records are created.

(14) A Reporting Financial Institution that obtains or creates records for any purpose under these Regulations, in a language other than English must, upon request, provide an English translation to the Relevant Authority.

(15) A Reporting Financial Institution must each year following the first year in which a Person becomes a Reportable Person, notify such Person of the information relating to that Person which is required to be reported under these Regulations to the Competent Authority.