​Accountable institutions must keep records of client information, transactional information and regulatory reports filed with the FIC. These records must be kept for at least five years from the date on which the business relationship was terminated or five years from the date that a single once off transaction was concluded, or a regulatory report submitted to the FIC.

Accountable institutions must document their record-keeping process in their RMCP. This process should clearly indicate records access and confidentiality controls and could include:

·       What records must be kept

·       In what format the records will be kept e.g. hard copies or electronic records

·       The period for which records must be kept

·       If the records are kept by a third party, the details thereof in terms of the Money Laundering and Terrorist Financing Control Regulations.  ​ <<go back