AML/CFTR 7.2.1 Records for customers and transactions

(1) A firm must make and keep records in relation to:
(a) its business relationship with each customer; and
(b) each transaction that it conducts with or for a customer.
(2) The records must:
(a) comply with the requirements of the AML/CFT Law and these rules;
(b) enable an assessment to be made of the firm's compliance with:
(i) the AML/CFT Law and these rules; and
(ii) its AML/CFT policies, procedures, systems and controls;
(c) enable any transaction effected by or through the firm to be reconstructed;
(d) enable the firm to comply with any request, direction or order by a competent authority, judicial officer or court for the production of documents, or the provision of information, within a reasonable time;
(e) indicate the nature of any evidence that it obtained in relation to an applicant for business, customer or transaction; and
(f) for any such evidence — include a copy of the evidence itself or, if this is not practicable, information that would enable a copy of the evidence to be obtained.
(3) This rule is additional to any provision of the AML/CFT Law or any other provision of these rules.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)