21 25 Designated institutions to establish and maintain customer records (1) A designated institution shall establish a register in which shall be recorded⎯ (a) the name, address and occupation or, where appropriate, the business or principal activity of each person conducting a transaction and, if known, on whose behalf the transaction is being conducted; and (b) the nature and date of the transaction; and (c) the type and amount of currency involved; and (d) the type and identifying number of any account opened with the designated institution; and (e) if the transaction involves a negotiable instrument, the name of the drawer of the instrument, the name of the institution on which it was drawn, the name of the payee, if any, the amount and date of the instrument and, if any, details of any endorsements appearing on the instrument; and (f) the name and address of the designated institution, and of the officer, employee or agent of the designated institution who prepared the report of the transaction. (2) Records required under subsection (1) shall be kept by the designated institution for a period of at least five years from the date the business or transaction was completed. 26 Designated institutions to report suspicious transactions (1) Whenever a designated institution is a party to the transaction and has reasonable grounds to suspect that information that it has concerning the transaction may be relevant to the investigation or prosecution of a person for money laundering or a serious offence, it shall as soon as is reasonably possible in the circumstances but no later than three days after and, wherever possible, before the transaction is carried out⎯ (a) take reasonable steps to ascertain the origin and ultimate destination of the funds involved, and the identity and address of any ultimate beneficiary; and (b) prepare a report of the transaction in accordance with subsection (2); and (c) communicate the information contained in the report to the Unit in writing or in such other form as the Minister may from time from time prescribe by circular to designated institutions or by notice in the Gazette. (2) A report required by subsection (1) shall⎯ (a) contain particulars of the matters specified in subsection (1) of section twenty-five; and (b) contain a statement of the grounds on which the designated institution holds the suspicion; and (c) be signed or otherwise authenticated by the chairperson of the governing body of the designated institution or by a person directly answerable to such body. (3) A designated institution which has reported a suspicious transaction in accordance with this Part shall, if requested to do so by the Unit, give such further information as it has in relation to the transaction.