Records of a transaction which is subject to a Suspicious Transaction Report and investigation should be kept until the relevant authority has confirmed that the case has been closed.

Legal practitioners should also make reasonable efforts to keep the records of their existing clients updated from time to time and to conduct periodic reviews on the risk profile of clients.

After the end of the business relationship, all documents relating to the transactions and records obtained or compiled for client identification and due diligence should be kept for:

  • CDD documents, whether original or copies, records and client files including business correspondence with the client  5 years
  • conveyancing matters – 15 years
  • tenancy matters – 7 years
  • other matters, except criminal cases – 7 years
  • criminal cases – 3 years from expiration of any appeal period