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FIC Act FIC Act Compliance (CDD, AML/CFT, Reporting)
For how long must an accountable institution keep the CDD and transaction records required by 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) At least five years from the end of the business relationship or the date of the transaction.Correct
- b) At least six months after onboarding the client.
- c) Only until the client’s next birthday.
- d) Indefinitely, with destruction strictly prohibited in all cases.
Why this is the answer
FIC Act record-keeping mirrors the broader five-year standard: identity and transaction records must be kept for at least five years from the end of the relationship or the date of the transaction, so they are available to the FIC and investigators.
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