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Status: You are viewing the version of the handbook as on 2005-06-30.

ML 7.3 Record keeping arrangements

ML 7.3.1G

SYSC 3.2.20 R (Records) requires a relevant firm to take reasonable care to make and retain adequate records (including accounting records). This section amplifies this requirement.

ML 7.3.2R
  1. (1)

    A relevant firm must make and retain, for the periods specified in (2), the following records:

    1. (a)

      in relation to evidence of identity:

      1. (i)

        a copy of the evidence of identity obtained under ML 3; or

      2. (ii)

        a record of where a copy of the evidence of identity can be obtained; or

      3. (iii)

        when it is not reasonably practicable to comply with (i) or (ii), a record of how the details of the evidence of identity can be obtained; and when it has concluded it should treat a client as financially excluded ML 3.1.5 G to ML 3.1.7 G (Financial exclusion), a record of the reasons for doing so;

    2. (b)

      a record containing details of every transaction carried out by the relevant firm with or for the client in the course of regulated activity;

    3. (c)

      [deleted]1

    4. (d)

      records of action taken under ML 4.1 (Internal reporting) and ML 4.3 (External reporting); and

    5. (e)

      when an MLRO has considered information or other matter concerning knowledge or suspicion that another person has engaged in money laundering, but has not made a report to NCIS under ML 4.3, a record of that information or other matter.

  2. (2)

    The specified periods are:

    1. (a)

      in relation to evidence of identity, five years from the end of the relevant firm's relationship with the client;

    2. (b)

      in relation to transactions within (1)(b), five years from the date when the transaction was completed; and1

    3. (c)

      [deleted]1

    4. (d)

      in any other case, five years from the obtaining of the information or the creation of the record.

  3. (3)

    "Transaction" in (2) does not include advice given to a client unless such advice is followed by a transaction with monetary value.

ML 7.3.3G

Records kept under SYSC 3.2.20 R should include the dates when anti-money laundering training was given, the nature of the training, and the names of the staff who received training; and (in relation to anti-money laundering monitoring) reports by the MLRO made in accordance with ML 4.3, and records of consideration of those reports and of any action taken as a consequence.