Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, AML/CTF reporting entities must keep aML/CTF transaction records for at least 7 years. Clock starts: the record is made or the document is given.
Records of transactions in providing designated services, and documents customers give in relation to them.
2 provisions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 apply to these records. Each one is set out below.
The terms
Conditions and exceptions Caution
From the provisions:
- AML/CTF Rules may specify kinds of records to which this section does not apply
- Applies where a document relating to a designated service is given to the reporting entity by or on behalf of the customer and the reporting entity commences to provide the service
The law
Other terms that apply to these records
This page covers aml/ctf transaction records on their own. The same file is often caught by other laws as well, with different periods and start dates. See why a legal term is not a schedule.
4 records. 4 sets of rules. They don't agree.
One business file can hold all of these at once.
Now do that for every record your organisation holds, and redo it when the law changes. ScheduleOne has done that work, and keeps it current.
See ScheduleOne →