Money Laundering and Proceeds of Crime Act Act No. 4/2013 on a timely basis to the Unit and such other competent authorities as are prescribed by the Minister. (2) Such books and records shall include, as a minimum— (a) account files, business correspondence, and copies of documents evidencing the identities of customers and beneficial owners obtained in accordance with this Act, all of which shall be maintained for not less than five years after the business relationship has ended; and (b) records on transactions sufficient to reconstruct each individual transaction for both account holders and non-account holders which shall be maintained for not less than five years from the date of the transaction; and (c) the findings set forth in writing pursuant to section 17(3) and related transaction information which shall be maintained for at least five years from the date of the transaction; and (d) copies of all suspicious transaction reports made pursuant to section 21, including any accompanying documentation, which shall be maintained for at least five years from the date the report was made. 25 Internal programmes to combat money laundering and financing of terrorism (1) Financial institutions and designated non-financial business and professions shall develop and implement programmes for the prevention of money laundering and financing of terrorism, which programmes shall include the following— (a) internal policies, procedures and controls to fulfil obligations pursuant to this Act; and (b) adequate screening procedures to ensure high standards when hiring employees; and (c) ongoing training for officers and employees to make them aware of this Act and other laws relating to money laundering and the financing of terrorism, with a view to assisting them to recognise transactions and actions that may be linked to money laundering or financing of terrorism, and to instruct them in the procedures to be followed in such cases; and (d) policies and procedures to prevent the misuse of technological developments including those related to electronic means of storing and transferring funds or value; and (e) independent audit arrangements to review and verify compliance with and effectiveness of the measures taken in accordance with this Act. (2) Financial institutions and designated non-financial business and professions shall designate a compliance officer at management level to be responsible for the implementation of, and ongoing compliance with, this Act by the institution, business or profession. (3) Such compliance officer shall have ready access to all books, records and employees of the institution, business or profession concerned as is necessary to fulfil his or her responsibilities. (4) A directive may prescribe the type and extent of measures financial institutions and designated non-financial businesses and professions must undertake with respect to each of the requirements in this section, having regard to the risk of money laundering and financing of terrorism and the size of the institution, business or profession. 26 Ongoing due diligence and special monitoring of certain transactions (1) Financial institutions and designated non-financial business and professions shall exercise ongoing due diligence with respect to business relationships that are or may become subject to the requirements of customer identification and verification, including— (a) maintaining current information and records relating to the customer and beneficial owner concerned; and - 28 -