Answer:
Answer by Dan Persfull: Yes. The subpoena is asking for all records in your possession back to a certain date. If you have the documents available you can't claim you don't have to produce them simply because the regulatory retention requirements have passed. That's why it's important to maintain and follow your retention policy and procedures.
Answer:
Answer by Ken Golliher: Banks need a record retention and destruction program. The only reason you have to produce those ancient records is because you kept them....
First published on BankersOnline.com 4/11/11
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