Section 40(3)

Subject to paragraph (4), the period is five years beginning on the date on which the relevant person knows, or has reasonable grounds to believe— that the transaction is complete, for records relating to an occasional transaction; or that the business relationship has come to an end for records relating to— any transaction which occurs as part of a business relationship, or customer due diligence measures taken in connection with that relationship.

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Source: legislation.gov.uk · retrieved 2026-09-04