Section 7: Preservation of records.

A Financial Institution and Designated Non-Financial Institution shall preserve and keep at the disposal of the authorities specified in section 8 of this Act-(a) the record of a customer's identification for a period of at least 5 years after the closure of the account or the severance of relations with the customer; and
(b) the record and other related information of a transaction carried out by a customer and the report provided for in section 6 of this Act shall be preserved, for a period of at least 5 years after carrying out the transaction or making of the report as the case may be.