Noel O'Flynn (Cork North Central, Fianna Fail)

As Seanad amendments Nos. 24 and 25 are related, they may be discussed together.

Seanad amendment No. 24:

Section 55: In page 49, lines 36 to 45, to delete subsection (4) and substitute the following:

"(4) The documents and other records referred to in subsections (1) to (3) shall be retained by the designated person, at an office or other premises in the State, for a period of not less than 5 years after—

(a) in the case of a record referred to in subsection (1)(a), the date on which the designated person ceases to provide any service to the customer concerned or the date of the last transaction (if any) with the customer, whichever is the later,

(b) in the case of a record referred to in subsection (1)(b), the date on which the correspondent banking relationship concerned ends,

(c) in the case of a record referred to in subsection (3) evidencing the carrying out of a particular transaction by the designated person with, for or on behalf of the customer (other than a record to which paragraph (d) applies), the date on which the particular transaction is completed or discontinued,

(d) in the case of a record referred to in subsection (3) evidencing the carrying out of a particular occasional transaction comprised of a series of transactions, with, for or on behalf of a customer, the date on which the series of transactions is completed or discontinued, or

(e) in the case of a record referred to in subsection (3) evidencing the carrying out of a particular service for or on behalf of the customer (other than a record to which paragraph (c) or (d) applies), the date on which the particular service is completed or discontinued.

(5) Subsection (4)(a) extends to any record that was required to be retained under section 32(9)(a) of the Act of 1994 immediately before the repeal of that provision by this Act.

(6) Subsection (4)(c) to (e) extends to any record that was required to be retained under section 32(9)(b) of the Criminal Justice Act 1994 immediately before the repeal of that provision by this Act and for that purpose—

(a) a reference in subsection (4)(c) to (e) to a record referred to in subsection(3) includes a reference to such a record, and

(b) a reference in subsection (4)(d) to an occasional transaction comprised of a series of transactions includes a reference to a series of transactions referred to in section 32(3)(b) of the Criminal Justice Act 1994.".

See this speech in context