RETENTION PERIODS FOR ANTI-MONEY LAUNDERING LEGISLATION DOCUMENTS (1)
Summary dated 1 September 2021 of the essential legal provisions regarding the retention periods of your archives.
| Documents | Minimum retention period (2) | Format | Start date of retention period | Act |
|---|---|---|---|---|
| Identification details of customer and agents/end-beneficiaries and a copy of the supporting documents or of the result of the consultation of an information source (2) | 10 years (3) | Free | From the end of the business relationship with their client or from the end date of an occasional transaction | Article 60, 1° Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on restricting the use of cash |
| Documents setting out measures taken to comply with the verification obligation where the identified beneficial owner is a member of senior management | 10 years (3) | Free | From the end of the business relationship with their client or from the end date of an occasional transaction | Article 60, 1°/1 Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on restricting the use of cash |
| Supporting documents and records of operations necessary for the identification and accurate reconstruction of the operations carried out | 10 years (3) | Free | From the execution of the operation | Article 60, 2° Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on restricting the use of cash |
| Written report on the analysis of atypical transactions | 10 years (3) | Free | From the execution of the operation | Article 60, 3° Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on restricting the use of cash |
Although we have composed this list with much care, Merak N.V. cannot be held responsible for any errors or any changes made to legislation.
(1) This obligation only applies insofar as an entity or person falls within the scope of the Act of 18 September 2017 on the prevention of money laundering and terrorist financing and on restricting the use of cash.
(2) The reporting entities may replace the keeping of a copy by the keeping of the references of these documents, provided that the references, due to their nature and the way they are kept, make it possible for the reporting entity to produce the documents concerned immediately upon request by the Financial Information Processing Unit or other competent authorities during the period of custody, and provided that these documents are not amended or altered in the meantime.
(3) The 10-year period will be reduced to 7 years for the year 2017 and to 8 years and 9 years for the years 2018 and 2019 respectively.