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Text of the Recommendation and Interpretative Note
See also: The full text of the 40 Recommendations, glossary and interpretative notes 
 Return to the FATF 40 Recommendations page.
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Recommendation 10
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B. MEASURES TO BE TAKEN BY FINANCIAL INSTITUTIONS AND NONFINANCIAL BUSINESSES AND PROFESSIONS TO PREVENT MONEY LAUNDERING AND TERRORIST FINANCING
Customer due diligence and record-keeping
Financial institutions should maintain, for at least five years, all necessary records on transactions, both domestic or international, to enable them to comply swiftly with information requests from the competent authorities. Such records must be sufficient to permit reconstruction of individual transactions (including the amounts and types of currency involved if any) so as to provide, if necessary, evidence for prosecution of criminal activity.
Financial institutions should keep records on the identification data obtained through the customer due diligence process (e.g. copies or records of official identification documents like passports, identity cards, driving licenses or similar documents), account files and business correspondence for at least five years after the business relationship is ended.
The identification data and transaction records should be available to domestic competent authorities upon appropriate authority.
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General
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1.
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Reference in this document to “countries” should be taken to apply equally to “territories” or “jurisdictions”.
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2.
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Recommendations 5-16 and 21-22 state that financial institutions or designated non-financial businesses and professions should take certain actions. These references require countries to take measures that will oblige financial institutions or designated non-financial businesses and professions to comply with each Recommendation. The basic obligations under Recommendations 5, 10 and 13 should be set out in law or regulation, while more detailed elements in those Recommendations, as well as obligations under other Recommendations, could be required either by law or regulation or by other enforceable means issued by a competent authority.
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3.
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Where reference is made to a financial institution being satisfied as to a matter, that institution must be able to justify its assessment to competent authorities.
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4.
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To comply with Recommendations 12 and 16, countries do not need to issue laws or regulations that relate exclusively to lawyers, notaries, accountants and the other designated non-financial businesses and professions so long as these businesses or professions are included in laws or regulations covering the underlying activities.
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5.
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The Interpretative Notes that apply to financial institutions are also relevant to designated non-financial businesses and professions, where applicable.
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Recommendations 10 and 11
In relation to insurance business, the word “transactions” should be understood to refer to the insurance product itself, the premium payment and the benefits.
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