• FC-7.1 FC-7.1 General Requirements

    • CDD and Transaction Records

      • FC-7.1.1

        Conventional bank licensees must comply with the record keeping requirements contained in the AML Law. Conventional bank licensees must therefore retain adequate records (including accounting and identification records), for the following minimum periods:

        (a) for customers, in relation to evidence of identity and business relationship records (such as application forms and business correspondence), for at least five years after the customer relationship has ceased; and
        (b) for transactions, in relation to documents enabling a reconstitution of the transaction concerned, for at least five years after the transaction was completed.

    • Compliance Records

      • FC-7.1.2

        Conventional bank licensees must retain copies of the reports produced for their annual compliance review, as specified in Paragraph FC-4.3.1, for at least five years. Licensees must also maintain for 5 years reports made to, or by, the MLRO made in accordance with Sections FC-5.1 and FC-5.2, and records showing how these reports were dealt with and what action, if any, was taken as a consequence of those reports.

    • Training Records

      • FC-7.1.3

        Conventional bank licensees must maintain for at least five years, records showing the dates when AML/CFT training was given, the nature of the training, and the names of the staff that received the training.

    • Access

      • FC-7.1.4

        All records required to be kept under this Section must be made available for prompt and swift access by the relevant authorities or other authorised persons.

      • FC-7.1.5

        Conventional bank licensees are also reminded of the requirements contained in Chapter LR-6 (Books and Records).