IEIM404080 - Miscellaneous: Documentary Evidence: Retention of Documents

Miscellaneous: Documentary Evidence: Retention of Documents

A Financial Institution or a third party undertaking due diligence procedures for a Financial Institution must retain records of the documentary evidence, or a notation or record of the documents reviewed and used to support an Account Holder’s status for a period of 5 years from the end of the period in which the account was last included in a return, or 5 years from the end of the period in which the due diligence process was last relied upon to treat the account as not being reportable.

The documentary evidence can be retained as originals, photocopies or in an electronic format.

A Financial Institution that is not required to retain copies of documentation reviewed under AML due diligence procedures will be treated, for the purposes of all the regimes, as having retained a record of such documentation if it retains a record in its files noting:

• the date the documentation was reviewed,
• each type of document,
• the document’s identification number where present (for example, a passport number), and
• whether any indicia of residence in a Reportable Jurisdiction were identified.

For High Value Pre-existing Accounts [see IEIM402960] where a relationship manager enquiry is required [see IEIM402980], records of electronic searches, requests made and responses to relationship manager enquiries should also be retained for 5 years from the end of the period in which the account was last included in a return, or 5 years from the end of the period in which the due diligence process was last relied upon to treat the account as not being reportable.