Module: General Practice
Q45: Which of the following statements regarding the preservation of records by Regulated Entities (REs) are correct?
Records pertaining to the identification of customers and their addresses must be preserved for at least five years after the business relationship has ended.
All necessary records of transactions between the RE and the customer must be preserved for at least five years from the date of the transaction.
Both identification and transaction records must be kept for at least ten years after the business relationship has ended.
All necessary records of transactions between the RE and the customer must be preserved for at least five years from the date of the transaction.
Both identification and transaction records must be kept for at least ten years after the business relationship has ended.
✅ Correct Answer: A
Statements 1 and 2 are correct.
Identification records are kept for 5 years after the relationship ends; transaction records for 5 years from the transaction date.
Memorizing these retention periods is vital for RBI KYC Guidelines MCQs.
Identification records are kept for 5 years after the relationship ends; transaction records for 5 years from the transaction date.
Memorizing these retention periods is vital for RBI KYC Guidelines MCQs.