What documents do I keep?

The records the reporting institution  needs to keep includes:

• Documents obtained during the Customer Due Diligence (CDD) process, for example copy of identification card, passport, documents of incorporation etc.;
• Any document or records related to the customer’s transactions including business correspondences; and
• Records of any analysis the reporting institution has conducted, for example the ML/TF risk assessment on customers and any analysis of suspicious transaction reports filed internally or submitted to Bank Negara Malaysia.

How long do I need to keep the records?

The records must be kept for at least 6 years following the date of completion of the transaction or termination of the business relationship or occasional transaction.

The records must be kept in a form that is admissible as evidence in court pursuant to the Evidence Act 1950.