ML 7.3 Record keeping arrangements

A relevant firm must make and retain, for the periods specified in (2), the following records:

1. (a)

   in relation to evidence of identity:

   1. (i)

      a copy of the evidence of identity obtained under ML 3; or

   2. (ii)

      a record of where a copy of the evidence of identity can be obtained; or

   3. (iii)

      when it is not reasonably practicable to comply with (i) or (ii), a record of how the details of the evidence of identity can be obtained; and when it has concluded it should treat a client as financially excluded ML 3.1.5 G to ML 3.1.7 G (Financial exclusion), a record of the reasons for doing so;

2. (b)

   a record containing details of every transaction carried out by the relevant firm with or for the client in the course of regulated activity;

3. (c)

   [deleted]1

4. (d)

   records of action taken under ML 4.1 (Internal reporting) and ML 4.3 (External reporting); and

5. (e)

   when an MLRO has considered information or other matter concerning knowledge or suspicion that another person has engaged in money laundering, but has not made a report to NCIS under ML 4.3, a record of that information or other matter.

The specified periods are:

1. (a)

   in relation to evidence of identity, five years from the end of the relevant firm's relationship with the client;

2. (b)

   in relation to transactions within (1)(b), five years from the date when the transaction was completed; and1

3. (c)

   [deleted]1

4. (d)

   in any other case, five years from the obtaining of the information or the creation of the record.

"Transaction" in (2) does not include advice given to a client unless such advice is followed by a transaction with monetary value.