Data Retention [Multi-Jurisdiction]

[Wellington]

Have a bit of a weird question.

Say a UK Company (holding) of a overseas company ( 5yrs at time - seychelles) which folded into a Belize company, which then had its assets transferred to a BVI company...

How long do you keep records for?

I've got a warehouse of paperwork (some 40+ staff at times).

And i am waiting to start burning and drawing down my costs lol.

In theory the UK, Seychelles, Belize company records should begin destruction now (last year) -> BVI company is all digital.

 

[Sols]

For physical documents:‌ five years, unless longer required under applicable laws. For example, Malta used to require 10‍ years.

Digital copies: forever, including multiple backups in different locations.

 

[Wellington]

Is that a legal requirement? - If so i'm fucked lol as drives seem to die‌ with the humidity - not joking - having said that well past 5 yrs which‍ it was the requirement at the time the records were expected to be retained for.⁠

 

[Sols]

No, it's not a requirement. I just think it's⁤ good practice since it's so easy to do (cloud storage). You do have to be⁣ careful with GDPR/similar laws, though, if the data you store includes personal information, though.

 

[JohnnyDoe]

wellington said:
drives seem to die with the humidity - not joking -
Click to expand...

SSDs shouldn't die too soon in a healthy 60% humidity room. My 2yo laptop works perfectly after two years of daily use on the beach, despite the condensation on it every time I move outdoors.

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[Wellington]

lol. Humidity here gets right⁠ up around 100

Not SSD's but the mini drive versions, usually plug in and then⁤ have to do a recovery and move over to another drive, but fearful - suspect⁣ something has been lost during those processes.

Having said that - i can't imagine there⁢ is a requirement to keep digital records longer than the requirement to retain physical records.︀

Cloud Storage︃ isn't appropriate for some companies (which included mine) as we had KYC/AML data for end︄ users etc, financials, etc.

Just a irony on the GDPR - Does GDPR even apply to companies︇ that have ceased activities and are just keeping records as legal requirements.

How does that︈ even work - I mean they have no cash flow etc - companies closed etc,︉ for example i've paid out of pocket to store/warehouse, etc i suspect it has cost︊ me roughly 50,000$ over the past 6/7+ yrs when all added up.

 

[Sols]

Most of your peers‍ are using cloud storage, including for storage of KYC documents. Encrypted, of course.

Yes, the⁣ entity is still considered a controller or processor.

Isn't bureaucracy︂ great?