General Studies · Anti-Money Laundering and KYC Guidelines
Which of the following statements most accurately reflects the obligations of a Reporting Entity (Bank) regarding record retention and confidentiality of the records pertaining to a customer whose account has been closed following a transaction that resulted in a Suspicious Transaction Report (STR) filing under PMLA guidelines?
- 1The bank must retain all records relating to the identity of the customer and the business relationship for a period of five years after the business relationship is closed or the account is terminated, and all transaction records for a period of five years from the date of the transaction.✓
- 2The bank must retain records relating to the identity of the customer for a period of five years after the business relationship is closed, and retain all transaction records for a period of ten years from the date of the transaction.
- 3The bank must retain records relating to the identity of the customer and the transaction records for a period of five years from the date of closure of the account, irrespective of the STR filing date.
- 4The bank must retain all records, including identity and transactions, for a period of five years from the date of the STR filing, but is permitted to destroy records related to the business relationship after five years from the date of closure of the account.
Correct answer
The bank must retain all records relating to the identity of the customer and the business relationship for a period of five years after the business relationship is closed or the account is terminated, and all transaction records for a period of five years from the date of the transaction.
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