AMLG 7.1.2 How long records must be kept

(1) All records made by a firm for the AML/CFT Law or these rules must be kept for at least 10 years after the day they are made.
(2) All records made by a firm in relation to a customer for the purposes of AML/CFT Law or these rules must be kept for at least the longer of the following:
(a) if the firm has (or has had) a business relationship with the customer — 10 years after the day the business relationship with the customer ends;
(b) if the firm has not had a business relationship with the customer or had a business relationship with the customer and carried out a one-off transaction for the customer after the relationship ended — 10 years after the day the firm last completed a transaction with or for the customer.
(3) If the day the business relationship with the customer ended is unclear, it is taken to have ended on the day the firm last completed a transaction for or with the customer.
(4) This rule is subject to rule 5.1.8 (Obligation not to destroy records relating to customer under investigation).
Derived by QFCRA RM/2019-9 (as from 1st February 2020)