What AML records must UAE accountants keep and for how long?
UAE accountants and auditors must retain all records obtained through customer due diligence, along with account files, business correspondence, and the results of any analysis carried out, for a period of not less than five years. For transactions, the five years runs from the date the transaction is completed; for a business relationship, it runs from the date the relationship ends.
The records must be complete enough to reconstruct individual transactions and to demonstrate to the supervisor that the firm met its obligations. They must be made available to the competent authorities promptly on request. Where an investigation or court process is under way, the retention period may need to be extended until the matter concludes. Firms should store records securely, whether in physical or electronic form, and ensure they remain retrievable throughout the retention period.
Legal Reference (UAE):
· Cabinet Resolution No. 134 of 2025 (Executive Regulations), Article 25 — requires retention of records for not less than five years and their prompt availability to the authorities.
· Federal Decree-Law No. 10 of 2025, Article 16 — places supervised entities under supervisory oversight for compliance, including record-keeping.
For more details, consult the full text of Cabinet Resolution No. 134 of 2025 or seek guidance from your AML compliance officer.