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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.

»Ê¹ÚÌåÓýapp 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.