Section 107, The Banking Act, 2019

(1) A bank or financial holding company shall cause tobe kept proper accounting records with respect to all transactions of that bank or financial holding company - (a) in such form and detail and in accordance with internationally accepted accounting standards and such standards as may be prescribed by the Central Bank; (b) in a manner that gives an accurate and reliable account of its transactions and the accounts prepared from the records shall give a true Relationship with other enactments. Final report of receiver to Miscellaneous receivership provisions. Voluntary winding up. Maintenance of accounting records. 112 113 and fair view of its state of affairs and its results for the accounting period. (2) Accounting records required to be kept by a bank or financial holding company under subsection (1), shall be kept at its Head Office of the bank or financial holding company for a period of not less than 10 years. (3) Where the accounting records kept by a bank or financial holding company with respect to all its transactions, are prepared and kept in such a manner that, in the opinion of the Central Bank, have not been properly prepared and kept, or where a bank or financial holding company renders returns in accordance with the provisions of section 54, which in the opinion of the Central Bank are inaccurate, the Central Bank may appoint a firm of qualified accountants to prepare proper accounting records or render accurate returns, as the case may be, for the bank or financial holding company and the cost of preparing the accounts and rendering the returns shall be borne by that bank or financial holding company. (4) A bank or financial holding company which contravenes this Section is liable to an administrative penalty.