How long must real estate agents typically retain customer identification records under AML/CTF requirements?
Correct Answer
C) 7 years after the end of the customer relationship
Under the AML/CTF Act, real estate agents must retain customer identification and transaction records for 7 years after the end of the customer relationship to support potential investigations.
Why This Is the Correct Answer
The AML/CTF Act requires reporting entities to keep customer due diligence records for seven years after they stop providing designated services to the customer, and transaction records for seven years after the transaction. Real estate agents that are reporting entities must meet the same periods.
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