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(1) A bank, specialised deposit-taking institution or financial holding company shall keep accounting records in a manner that gives an accurate and reliable account of the transactions of that bank, specialised deposit- taking institution or financial holding company.

(2) The accounts prepared from the records of the bank, specialised deposit-taking institution or financial holding company shall give a true and fair view of the state of affairs and results of operations for the accounting period of the bank, specialised deposit-taking institution or financial holding company.

(3) The accounting records of the bank, specialised deposit-taking institution or financial holding company shall be kept at the head office of the bank or specialized deposit-taking institution financial holding company, in the country for a period of not less than ten years.

(4) A bank, specialised deposit-taking institution or financial holding company which contravenes a provision of this section is liable to pay to the Bank of Ghana, an administrative penalty of not more than one thousand penalty units.