Compliance visit tests: Checking record keeping
The record-keeping requirements are set out in section 12 of MLR 8
In considering if the records are sufficient to meet the regulatory requirements and, if necessary, facilitate investigations into customers, the following questions should be considered:
- Does the business keep a copy of, or the references to, the evidence of the customer’s identity obtained under the CDD requirements?
- Are there sufficient records held in customer account files and/or transaction records to enable customer profiles and audit trails to be created?