Multiple choice

What is the time period during which the record of transactions is to be kept by banks under KYC directives?

  1. 15 years

  2. 10 years

  3. 5 years

  4. 1 year

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Under KYC directives, the ordering bank must ensure that qualifying wire transfers contain complete originator information. The bank must also verify and preserve the information at least for a period of five years.