RES exam question on AML / CFT: A question concerns AML record-keeping by an estate agency
A question concerns AML record-keeping by an estate agency. Evaluate the statements: (i) AML records (CDD and transaction records) must be kept for the prescribed retention period (ii) Such records support audits and investigations (iii) Records may be destroyed immediately once the transaction closes (iv) The agency's AML obligations are its own, independent of the other parties Which statements are CORRECT?
- A(i), (ii) and (iv) only
- B(i), (ii), (iii) and (iv)
- C(ii), (iii) and (iv) only
- D(i), (iii) and (iv) only
Show answer & explanation
Answer
A. (i), (ii) and (iv) only
Explanation
Records must be retained for the prescribed period to support audits/investigations, and the duties are the agency's own.
Why the other options are wrong
- (iii) is the trap — immediate destruction defeats the purpose and breaches the rules.
Study the concept behind this question: AML/CFT for Property Agents: CDD, Source of Funds & STR
Practise more Anti-Money Laundering (PMLPFTF) questions
Drill the full Anti-Money Laundering (PMLPFTF) bank with instant answers and explanations — free to start, no card needed.
Related Anti-Money Laundering (PMLPFTF) questions
Get each day's lesson free — one RES topic + the trap, every day on Telegram.
Join @resprepsg →Original study material mapped to the public CEA RES syllabus. Verify any rate-based figures against current IRAS/CPF/MAS rules before relying on them.