Skip to main content

F. Books and Records

1. VASPs shall keep their books and records properly in their original form or native file format [including as recorded on distributed ledgers where appropriate], including—
  a. keeping proper audit trails of all transactions, such as the amount, date and time of each transaction, any payment instruction, the total amount of fees and charges, the names, details of accounts or VA Wallets and country of residence of the clients and to the extent practicable, that of any other Entities involved in the transaction, so as to enable the VASP to carry out thorough investigation of any Suspicious Transactions [subject to further requirements set out in Part III of this Compliance and Risk Management Rule book];
  b. maintaining and organising all information relating to clients produced by third parties;
  c. maintaining sufficient records to prove that the VASP is in compliance with all applicable laws and regulatory requirements, including AML/CFT laws and requirements in Part III of this Compliance and Risk Management Rulebook;
  d. keeping proper records to enable the VASP to carry out an audit in a convenient manner;
  e. keeping a general ledger containing all assets [including Virtual Assets], liabilities, ownership equity, income and expense accounts;
  f. keeping statements or valuations sent or provided to clients and counterparties;
  g. keeping minutes of meetings of the Board;
  h. retaining communications and documentation related to investigations of client complaints and transaction error resolution or concerning facts giving rise to potential violation of laws and regulatory requirements; and
  i. maintaining a conflicts of interest register in accordance with the Company Rulebook.
2. VASPs shall retain each such record as set out in Rule I.F.1 of this Compliance and Risk Management Rulebook in accordance with the following timelines—
  a. no less than eight [8] years; or
  b. for an indefinite period for all records which may relate to national security of the UAE.
3. VASPs shall furnish copies of any records to VARA in accordance with all applicable requirements in the Regulations, Rules or Directives.