How long the transactions record of the customers should be kept?
11 months ago
Banking
Bank shall keep a record of every transaction, customer and beneficial owner data, and data
obtained for the purpose of identification, risk analysis, monitoring and other related information
along with the date, time and nature, KYC/CDD documents, correspondence with the customers,
sources of fund, as well as all documents related to money laundering activities such as files on
suspicious activity reports, documentation of AML account monitoring, etc. These records must
be kept for a minimum of 5 years until other policy/act is prescribed for more time
Rusma Khadka
May 23, 2023