21 reporting to competent authorities and should not be so construed as to discourage or prohibit financial institutions from doing business with any legitimate customer. 4. In order to facilitate implementation of the measures provided for in paragraphs 1 and 2 of this Article, each State Party, where appropriate, notify financial institutions within its jurisdiction, at the request of another State Party or on its own initiative, of the identity of particular natural or legal persons to whose accounts such institutions will be expected to apply enhanced scrutiny, in addition to those whom the financial institutions may otherwise identify. 5. Each State Party shall implement measures to ensure that its financial institutions maintain adequate records, over an appropriate period of time, of accounts and transactions involving the persons mentioned in paragraph 1 of this Article, which should, as a minimum, contain information relating to the identity of the customer as well as, as far as possible, of the beneficial owner. 6. With a view to preventing and detecting transfers of proceeds of crimes established in accordance with the provisions of this Convention, each State Party shall implement appropriate and effective measures to prevent, with the help of its regulatory and oversight bodies, the establishment of banks that have no physical presence and that are not affiliated with a regulated financial group. Moreover, States Parties may consider requiring their financial institutions to refuse to enter into or continue a correspondent banking relationship with such institutions and to guard against establishing relations with foreign financial institutions that permit their accounts to be used by banks that have no physical presence and that are not affiliated with a regulated financial group. 7. Each State Party shall consider establishing, in accordance with its domestic legislation, effective financial disclosure systems for appropriate persons who may reportedly be involved in the commitment of offences provided for by the provisions of this Convention, and shall provide for