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#1604274 - 09/15/11 08:12 PM Record Retention
rachelchri Offline
100 Club
Joined: Aug 2010
Posts: 165
How long do you need to keep Trust Papers after an account is closed? 5 years?

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Operations Compliance
#1604282 - 09/15/11 08:23 PM Re: Record Retention rachelchri
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
I believe that is governed by your state law. NM is 5 years since the date the account was closed. This might also fall under the 5 year standard of keeping for BSA purposes, since they probably serve as verification of the CIP.
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1604342 - 09/15/11 09:22 PM Re: Record Retention Doug Hendrickson
Rocky P Online
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Joined: Jun 2003
Posts: 7,658
Florida
State law issue. It varies by type of document. Some papers must be held indefinitely though.
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