Article 12 of the Saudi Anti-Money Laundering Law

This article regulates record keeping, which allows the authorities later to trace funds and uncover crimes. It addresses financial institutions and designated non-financial businesses and professions.

1. Transaction records: Keeping all records, documents, papers and data for all financial transactions and commercial and cash deals, domestic or foreign, for a period of no less than 10 years from the end of the transaction or the closing of the account.
2. Due diligence records: Keeping what was obtained through due diligence measures, account files, business correspondence, copies of personal identity documents, and the results of any analysis carried out, for a period of no less than 10 years from the end of the business relationship, or after the transaction is completed if the customer is not in an existing business relationship.
3. Extension: The Public Prosecution may, in the cases it sees fit, require these bodies to extend the retention period to the extent necessary for the purposes of criminal investigation or prosecution.
4. Quality and availability of records: The records must be sufficient to analyze data and trace transactions, and must be available and provided to the competent authorities on request, urgently.

Note that the start of the period differs: in the first paragraph it runs from the end of the transaction or the closing of the account, and in the second from the end of the business relationship or the completion of the transaction. Ten years is the minimum, not the maximum.

Article 10 refers to this article for keeping wire transfer information. Businesses may consult a lawyer who specializes in banking and finance or companies to set up a compliant document retention policy.