Practice Quiz

Financial Planner

Category - Professional Conduct and Regulation

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How long must a national bank keep records of any fiduciary account?
  1. 5 years from the transaction date
  2. 5 years from the date the fiduciary account is closed
  3. 3 years from the transaction date
  4. 3 years from the date the fiduciary account is closed
Explanation
Answer: D - Fiduciaries must keep records for each fiduciary account, including the establishment and termination of the account. You must keep adequate records for at least three years from the date the account is terminated, or the date any litigation relating to the account is complete.
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