Anti-Money Laundering Act

This legislation aims at preventing the use of the financial system for money laundering and terrorist financing. To achieve this, financial institutions, such as banks and insurers, are required to perform extensive due diligence on their customers and to report suspicious transactions to the competent authorities.

An important part of AML legislation is the obligation to retain certain documents and information, including customer IDs, transaction data and customer correspondence. These documents shall be kept for the purpose of supporting any investigations and enabling financial institutions to verify their due diligence and prove that they have fulfilled their legal obligations.

In addition, these documents are crucial in preventing and detecting money laundering and terrorist financing. By keeping these documents, the competent authorities can use this information to monitor transactions and to investigate whether they are suspicious. This helps to identify criminal activity and to tackle offenders.