Question

What are the record-keeping requirements for customer identification data according to AML guidelines?

a.

Retained for 5 years after the relationship with the customer has ended

b.

Retained for 7 years after the relationship with the customer has ended

c.

Retained for 10 years after the relationship with the customer has ended

d.

Retained indefinitely

Answer: (c).Retained for 10 years after the relationship with the customer has ended Explanation:According to AML guidelines, records of customer identification data must be retained by insurance companies for a period of 10 years after the relationship with the customer has ended. This ensures that there is a comprehensive record of customer interactions and transactions for regulatory compliance and audit purposes.

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Q. What are the record-keeping requirements for customer identification data according to AML guidelines?

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