AMLG 7.1.1 Records about compliance

(1) A firm must make the records necessary:
(a) to enable it to comply with the AML/CFT Law and these rules; and
(b) to demonstrate at any time whether the firm has complied with the AML/CFT Law and these rules.
(2) Without limiting rule (1) (b), the firm must make the records necessary to demonstrate how:
(a) the key AML/CFT principles in Part 1.2 have been complied with;
(b) the firm's senior management has complied with responsibilities under the AML/CFT Law and these rules;
(c) the firm's risk-based approach has been designed and implemented;
(d) each of the firm's risks have been mitigated;
(e) CDD and ongoing reviews were conducted for each customer; and
(f) CDD and ongoing monitoring were enhanced where required by the AML/CFT Law or these rules.
Examples of records that must be kept
1 documents and data obtained while conducting CDD
2 account files
3 business correspondence
4 results of analysis of suspicious transaction reports
Note See also rule 5.1.10 for reporting records to be made by MLRO.
Derived by QFCRA RM/2019-9 (as from 1st February 2020)