KEEPING FINANCIAL DATA BY CREDIT INSTITUTIONS UNDER THE LAWS OF THE NETHERLANDS ANTILLES
10 years is mandatory
Pursuant to article 42 of the National Ordinance on the supervision of banking and credit institutions 1994 (‘Landsverordening toezicht bank- en kredietwezen’), a credit institution is obliged to, during at least 10 years, keep all letters, records, and data carriers in respect of its business activities and the movements in all accounts held by the credit institution in its own name and in the name of third parties. This 10 year period is also the length of the period during which pursuant to the Civil Code, a legal entity in general is obliged to keep all letters, records, and data carriers in respect of the business activities and financial position of the company.
The only other specific regulation in this regard applicable to credit institutions is the National Ordinance Identification when rendering Financial Services 1996 (‘Landsverordening identificatie financiële dienstverlening’). Pursuant to article 7, the credit institution is obliged to keep client data as enumerated in article 6 for a period of 5 years from the date of termination of the agreement with the client, or, as the case may be, for a period of 5 years from the date of execution of the following financial services: (i) the effecting of payments in connection with the cashing of coupons, comparable bond documents or comparable securities, or (ii) assistance regarding transactions or evidently related transactions of over ANG 20,000.
Karel Frielink
Attorney (Lawyer) / Partner
