Singapore legislation
Regulation 20
Regulation 20
Period of maintenance of documents and records obtained through customer due diligence measures
Subregulation 1
For the purposes of section 70E(1)(b) and (3) of the Act, a legal practitioner must maintain a document or record obtained by the legal practitioner through customer due diligence measures performed under section 70C of the Act —
where the document or record is in relation to a client, for at least 5 years after the termination of the business relationship with the client; or
where the document or record is in relation to an occasional transaction, for at least 5 years after the date of that transaction.
Subregulation 2
For the purposes of section 70E(2)(b) and (3) of the Act, a law practice must maintain a document or record obtained by the law practice, or by any legal practitioner in the law practice, through customer due diligence measures performed under section 70C of the Act —
where the document or record is in relation to a client, for at least 5 years after the termination of the business relationship with the client; or
where the document or record is in relation to an occasional transaction, for at least 5 years after the date of that transaction.
Subregulation 3
Despite paragraphs (1) and (2), where a legal practitioner who practises in a law practice ceases to practise —
subject to sub-paragraph (b) —
the legal practitioner’s obligation under paragraph (1) to maintain a document or record obtained by the legal practitioner ceases when the legal practitioner ceases to practise; but(ii)the obligation of the law practice under paragraph (2) to maintain that document or record continues; or
if the law practice is dissolved, or the licence issued to the law practice is revoked, when the legal practitioner ceases to practise, and paragraph (5) does not apply —
the obligation of the law practice under paragraph (2) to maintain a document or record obtained by the legal practitioner ceases when the law practice is dissolved or the licence issued to the law practice is revoked (as the case may be); but(ii)the legal practitioner’s obligation under paragraph (1) to maintain that document or record continues, despite the legal practitioner ceasing to be a legal practitioner or to practise.
Subregulation 4
Despite paragraphs (1) and (2), where a legal practitioner who practises in a law practice (“Law Practice A”) joins a different law practice (“Law Practice B”) —
if Law Practice A (instead of the legal practitioner) continues to hold a document or record obtained by the legal practitioner through customer due diligence measures performed under section 70C of the Act —
the legal practitioner’s obligation under paragraph (1) to maintain that document or record ceases when the legal practitioner joins Law Practice B; but(ii)the obligation of Law Practice A under paragraph (2) to maintain that document or record continues;
if the legal practitioner (instead of Law Practice A) continues to hold a document or record obtained by the legal practitioner through customer due diligence measures performed under section 70C of the Act —
the obligation of Law Practice A under paragraph (2) to maintain that document or record ceases when the legal practitioner joins Law Practice B; but(ii)the legal practitioner’s obligation under paragraph (1) to maintain that document or record continues; or
if Law Practice A is dissolved, or the licence issued to Law Practice A is revoked, when the legal practitioner joins Law Practice B, and paragraph (5) does not apply —
the obligation of Law Practice A under paragraph (2) to maintain a document or record obtained by the legal practitioner ceases when Law Practice A is dissolved or the licence issued to Law Practice A is revoked (as the case may be); but(ii)the legal practitioner’s obligation under paragraph (1) to maintain that document or record continues, whether or not the legal practitioner subsequently ceases to practise.
Subregulation 5
Despite paragraph (2), where any matter in which a law practice (“Law Practice A”) acted is transferred to a different law practice (“Law Practice B”) before or when Law Practice A is dissolved, or the licence issued to Law Practice A is revoked, the obligation under that paragraph to maintain a document or record obtained by Law Practice A, or by any legal practitioner in Law Practice A, in relation to that matter is transferred, for the remainder of the period under that paragraph, from Law Practice A to Law Practice B together with that matter.