Module: General Practice
Q59: Regarding the maintenance and preservation of records, which of the following timeframes are correct?
Records of transactions must be maintained for at least five years from the date of the transaction.
Records pertaining to the identification of customers must be preserved for at least five years after the business relationship has ended.
Records of transactions must be preserved for ten years from the date of the audit.
Identification records must be destroyed immediately upon account closure.
Records pertaining to the identification of customers must be preserved for at least five years after the business relationship has ended.
Records of transactions must be preserved for ten years from the date of the audit.
Identification records must be destroyed immediately upon account closure.
✅ Correct Answer: A
Transaction records must be maintained for 5 years from the transaction date.
Identification records must be preserved for 5 years after the relationship ends.
Record keeping is a mandatory compliance topic in the IIBF AML KYC Exam 2026.
Identification records must be preserved for 5 years after the relationship ends.
Record keeping is a mandatory compliance topic in the IIBF AML KYC Exam 2026.