A customer of a bank in the EU has been changing the business activities of their company every month since becoming a customer two years ago. The bank should:
A.
hold the older information for one year and then destroy any records in line with data privacy requirements.
B.
hold the information for a period of time, as specified by the policies of the bank, and in line with the EU AML Directives.
C.
maintain only the current information, because data privacy regulations require old information be destroyed when updated.
D.
keep records of the changing circumstances for as long as the customer holds an account with the bank.
Under EU AML Directives, banks must retain customer information and changes for the period specified in their internal policies, ensuring compliance with record-keeping requirements, while also adhering to applicable data privacy laws.
Contribute your Thoughts:
Chosen Answer:
This is a voting comment (?). You can switch to a simple comment. It is better to Upvote an existing comment if you don't have anything to add.
Submit