Chapter 33 & 34

Question 1

how long must records relating to CDD and the business relationship be kept?

Answer 1

5 years from the end of the client relationship, 5 years from the date of the transaction (for occasional transactions)

Question 2

in what medium must records be retained?

Answer 2

not specified but they should be ‘readily retrievable’

Question 3

retention period for internal or external reports?

Answer 3

no official retention period, should be stored separately to avoid tipping off

Question 4

what training records should be kept?

Answer 4

showing which training has been provided and when, as well as who received the training along with any test results

Question 5

when must personal data be deleted?

Answer 5

after the retention period unless needed for legal proceedings

Question 6

who must receive regular MLTF training?

Answer 6

relevant employees (including partners and agents)

Question 7

innocent or negligent errors are treated as criminal offences in…

Answer 7

VAT and other indirect taxes under the Customs and Excise management Act 1979 so they must be reported unless the person was not aware/did not suspect they had committed a criminal offence