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Time Frame for Keeping Docs from Fraud Cases

How long do we need to keep documentation from fraud cases? Is it any longer the required time for a closed account?

Randy Carey

Document retention of this sort is normally a State law issue, but I can't imagine a State law specifically addressing this specific issue.


Andy Zavoina

Some general guidelines will be to ask a state association or trusted peer what the industry standard is in your state, and be prepared for the "it depends" answer. You may vary this time based on known suspects, the amount of the loss, legal statute of limitations for the particular fraud/theft, where you are in any legal action, remuneration possibilities/payment plans, was an insider involved and is there an insurance claim to name a few circumstances affecting the answer.

First published on 05/31/2015

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