5. Appointment of third parties

(1) A reporting financial institution may appoint a person as its agent to carry out the duties and obligations imposed on it by these Regulations.

(2) Notwithstanding the appointment of a person under paragraph (1) the reporting financial institution shall—

(a) at all times, have access to and be able to produce, where so requested by an authorised officer, the records and documentary evidence used to identify and report on reportable accounts, and

(b) be responsible for any failure to comply with these Regulations.