16.24 Record Retention

N 35/2018 STA

16.24.1All documents/records related to transactions such as transaction receipts (except the receipts as per Paragraph 16.8.5 of this Chapter), KYC, Customer Due Diligence and Enhanced Due Diligence must be retained for a minimum period of five (5) years from the date of transaction;
16.24.2Records, in the context of Paragraph 16.24.1 of this Chapter, include electronic communication and documentation as well as physical, hard copy communication and documentation;
16.24.3Records retained by the Licensed Person must be sufficient to permit the reconstruction of individual transactions;
16.24.4AML training registers, training plans, AML training materials and other evidence for providing AML training must be retained for a period of five (5) years from the date of training;
16.24.5Supporting documents for the transaction monitoring and investigations carried out on unusual transactions must be retained for a minimum period of five (5) years;
16.24.6All documents related to STRs including internal disclosures by employees must be retained for a minimum period of five (5) years from the date the STR was reported. In case the matter is subject to litigation in a court or under investigation by an enforcement agency, the supporting documents related to such transactions or STR must be retained until the final verdict is received from the court or until the Licensed Person is notified that the investigation is completed; and
16.24.7Any other records to demonstrate compliance with the AML/CFT Laws, Regulations, Notices and the Standards must also be retained.