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9.2.3 Company Information

Effective from 13/7/2023

(AML-CFT Law Articles 16.1(b); AML-CFT Decision Articles 8.1(b), 9.1, 34-36)

The AML-CFT Decision provides that the administrators, liquidators, or any other stakeholders involved in the dissolution of a company are obliged to retain the records, documents and information specified in the relevant articles for a minimum period of five (5) years from the date of its dissolution, liquidation or termination. These records pertain to corporate documents as well as to information on Beneficial Owners, legal shareholders, and senior managers. Such records include but are not limited to documents and information concerning:

•Company formation, registration, deregistration, liquidation, dissolution or expiry, including documents such as share registers, memoranda and articles of association, deeds of settlement and foundation charters, or similar documents, along with any amendments to them (whether the organisation is for-profit or not-for-profit);
 
•Changes to company information, such as name, registered address, legal representatives and corporate officers (directors, company secretary), or legal form;
 
•Identification and identity verification documents related to Beneficial Owners, shareholders, nominee shareholders, directors and senior management officers and, in the case of Legal Arrangements, settlors or founders, protectors, beneficiaries, trustees or executors, governing council or committee members, or similar controlling persons.
 

In order to fulfil their statutory record-keeping obligations in this regard, FIs should determine the appropriate policies, procedures and controls related to the adequate retention, organisation, and maintenance of records when they dissolve or liquidate companies in which they hold a controlling interest. The policies, procedures and controls should be documented, approved by senior management, and communicated to appropriate levels of the organisation (see Section 9.1, Obligations and Timeframe for the Retention and Availability of Records for additional guidance concerning policies, procedures, controls and statutory retention periods related to record-keeping and data protection).