Ace the 2025 CAMS Challenge – Uncover Your Anti-Money Laundering Mastery!

According to FATF Recommendation 10, the required record retention period for customer identification data after a relationship ends is five years. This period is designed to ensure that relevant information is maintained for a sufficient amount of time to assist in any potential investigations or inquiries concerning money laundering or terrorist financing that may arise after the formal cessation of a business relationship. Retaining customer identification data for this duration allows financial institutions and regulatory authorities to effectively track financial activities and patterns that might indicate illicit behavior, as well as to fulfill any legal obligations that may arise during investigations.

The choice of five years aligns with best practices in combating financial crimes, supporting the need for institutions to maintain thorough records to support law enforcement efforts. This ensures adequate access to information that was obtained during the client relationship, promoting transparency and accountability in the financial system.