Which statement correctly describes an agency's record-keeping obligations under the AML/CTF Act?
Correct Answer
D) Customer identification, transaction and AML/CTF program records must all be kept
Reporting entities under the AML/CTF Act must keep records of customer identification and due diligence, records of the designated services and transactions they provide, and records of their AML/CTF program. Customer and transaction records must generally be kept for seven years so AUSTRAC and law enforcement can reconstruct dealings.
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