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ML Sch 1 Record keeping requirements

ML Sch 1.1G

The aim of the guidance in the following table is to give the reader a quick over-all view of the relevant record keeping requirements.

ML Sch 1.2G

It is not a complete statement of those requirements and should not be relied on as if it were.

ML Sch 1.3G

Handbook reference

Subject of record

Contents of record

When record must be made

Retention period

ML 7.3.2 R (1)(a)

Customer identification

Full details of evidence of identity

As soon as reasonably practicable after first contact

5 years from end of relationship with client

ML 7.3.2 R (1)(b)


Full details

On effecting the transaction

5 years from the date when the transaction was completed

ML 7.3.2 R (1)(d)

Internal and external reporting

Full details of actions taken

Once actions have been taken

5 years from the creation of the record

ML 7.3.2 R (1)(e)

Information not acted upon

Full details of information considered by the MLRO but not made an external report

Once decision not to report has been made

5 years from the obtaining of the information