An agency filed a suspicious activity report about a listing in March 2026. The listing was later withdrawn. Under s 49A of the AML/CFT Act 2009, how long must the agency keep its copy of that report?
Correct Answer
A) At least 5 years after the report was made, or longer if required.
Section 49A of the AML/CFT Act requires a reporting entity that reports suspicious activity to keep a copy of the report for at least 5 years after it is made, or any longer period the supervisor or Commissioner specifies. The retention runs from the report date, not the end of the listing.
Why This Is the Correct Answer
Section 49A sets a minimum of 5 years from the report date.
Why the Other Options Are Wrong
Option B: Until the listing is withdrawn, after which it must be destroyed at once.
Section 49A requires a copy to be kept for at least 5 years after the report is made.
Option C: At least 7 years, the same period as for trust account records.
Seven years is the trust account record rule under the Audit Regulations; s 49A sets 5 years for suspicious activity reports.
Option D: It must not keep a copy, because only the Financial Intelligence Unit may hold it.
Section 49A expressly requires the reporting entity to keep a copy of each suspicious activity report.
Background Knowledge for Compliance
Source: https://www.legislation.govt.nz/act/public/2009/0035/latest/whole.html
Exam Tip for Compliance
AML/CFT records: 5 years; trust account records under the Audit Regulations: 7 years.
Common Mistakes to Avoid on Compliance Questions
- •Using the 7-year trust account retention period for AML/CFT records.
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