Knowledge Base
Implement data recording and retention procedures compliant with regulatory requirements
Which technical measure is required to ensure traceability of access to records?
An audit trail is required to ensure traceability of access to records. This technical measure enables tracking who accessed the data, when and why, which is crucial for data compliance and security.
Which GDPR article justifies the continued processing of data after legal retention periods have expired?
Article 6.1.c of the GDPR justifies the continued processing of data if another legal basis exists. However, after legal retention periods have expired, data must be deleted or anonymised unless another legal basis is present.
Which article of the Code monétaire et financier requires that client identification documents be retained for five years after the end of the business relationship?
Article L.561-12 of the Code monétaire et financier, relating to anti-money laundering and counter-terrorist financing (AML/CFT), requires retention of client identification documents for five years after the end of the business relationship. This enables compliance with traceability and regulatory requirements.
What is the legal retention period for accounting documents and supporting records under Article L.123-22 of the Code de commerce?
Under Article L.123-22 of the Code de commerce, accounting documents and supporting records must be retained for ten years. This period is essential for ensuring compliance with regulatory requirements and enabling the reconstruction of financial transactions in the event of an audit.
The client must be informed in advance of the recording of their communications under regulatory requirements.
Yes, the client must be informed in advance of the recording of their communications. This requirement is essential for respecting clients' rights and ensuring transparency in data processing.
Telephone conversation recordings must be retained for a minimum of three years under MiFID II.
MiFID II requires a minimum retention period of five years for recordings of telephone conversations and electronic communications relating to the reception, transmission and execution of client orders, extendable to seven years at the request of the competent authority. This period is crucial for ensuring compliance and traceability of operations.
Phases of operational procedures
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Operational procedures are organised into three phases: active storage for current data, intermediate archiving for closed files, and permanent archiving for data with historical or evidentiary value. These phases ensure structured and compliant data management.
Categorize items by dragging them to the appropriate zones
Items to categorize:
Must be recorded
Not to be recorded
Communication channels such as landline and mobile telephones, video conferencing, emails, chats, SMS and messaging applications must be recorded as they are subject to regulatory requirements. This ensures traceability and compliance of communications.