What is a requirement for keeping records under MLR?

Under Money Laundering Regulations (MLR), a key requirement is the retention of records for a minimum period of five years. This period is critical as it aligns with the regulatory objective to ensure that adequate documentation is available to support investigations and audits by relevant authorities concerning anti-money laundering efforts. Keeping records for five years allows for the necessary time frame to track transactions and verify customer identities, supporting the broader goals of financial crime prevention and compliance.

This five-year retention period provides a balanced approach, allowing institutions to maintain necessary documentation without overwhelming them with indefinite record-keeping obligations. It serves both regulatory requirements and operational efficiency, ensuring access to important information while also respecting data management considerations.