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Record Keeping Comply with regulated record keeping requirements
An accountable institution submits a suspicious and unusual transaction report to the Centre on 10 May 2021. The client's business relationship ended earlier, on 1 February 2021. Until when must the records relating to that report be kept under the FIC Act?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Until 1 February 2026, five years after the relationship ended.
- b) Until the Centre confirms that its analysis of the report is complete.
- c) Until 10 May 2024, three years after the report was submitted.
- d) Until 10 May 2026, five years after the report was submitted.Correct
Why this is the answer
Records of a transaction or activity that gave rise to a report under section 29 must be kept for at least five years from the date on which the report was submitted to the Centre. That period is separate from the five years that runs from the end of the business relationship for client identification records.
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