Record retention
Keeping required records for set periods in a retrievable, unaltered form, and disposing of them when allowed.
Overview
Retention rules differ by regime and record type, from five years for many AML records to longer periods for some financial and safety records. Privacy laws also require deletion when data is no longer needed.
It connects most directly to Audit trail, Evidence package and Bank Secrecy Act.
Check the official sources below for legal scope, applicable dates and exceptions. This entry is an explanatory reference, not legal advice.
Why it matters
Missing records at examination time are treated as missing compliance.
Who it affects
All regulated organisations.
Where it sits
Ten linked steps connect where you operate to the proof that you complied.
- 01Jurisdiction
- 02Industry
- 03Activity
- 04Authority
- 05Regulation
- 06Requirement
- 07Guidance
- 08Control
- 09Evidence
- 10Enforcement
Connections
The terms most closely tied to Record retention. Select one to open it.
What to do about it
- 1Define the owner, frequency, data and pass condition.
- 2Automate the test on source data where you can.
- 3Capture evidence on every run, including exceptions.
- 4Review exceptions and failures and record the decision.
From requirement to evidence.
Evidence on your private chain is retained and retrievable for the periods each regime requires.
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