The Money Laundering Regulations require customer records, including identification documents, verification correspondence and account opening mandates, to be kept for five years after the relationship with the customer has ended.
Any customer under suspicion in connection with money laundering will be investigated. The investigators will require the records to enable them to follow an audit trail.
Training should be given regularly in how to recognise and deal with transactions and other activities which may be related to money laundering or terrorist financing.
It is now up to relevant organisations to decide when training should take place in accordance with their own risk strategy.
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