Under the PMLA, how long must a reporting entity preserve records of the transactions it is required to report?
- A.Three years from the date of the transaction
- B.Five years from the date of the transaction
- C.Eight years from the date of the transaction
- D.Fifteen years from the date of the transaction
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Section 12 requires every reporting entity to maintain a record of all transactions of the prescribed nature and value for a period of five years from the date of the transaction between the client and the entity, and to maintain records of the identity of its clients for five years…
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