S.D. Admin. R. 20:07:05:32
Any trust company record, other than those records required to be kept permanently by SDCL 51A-6A-30, shall be retained for a period of five years from the date of transaction.
In addition to the records required to be retained by SDCL 51A-6A-30, any committee meeting minutes and any internal or external audit reports shall be retained permanently by a trust company. For client relationships, whether active or dormant, including account opening and due diligence; annual account reviews; account transactions; and, relevant correspondence sufficient to properly monitor the accounts, shall be retained for at least five years. Any trust company policies, procedures, and operating manuals shall be kept current and there is no requirement to maintain outdated versions.
Any record required to be kept or retained by this section and SDCL 51A-6A-30 shall be easily accessible to the division at the trust company's location in this state either in hard copy or electronic format.
S.D. Admin. R. 20:07:05:32
General Authority: SDCL 51A-6A-30.
Law Implemented: SDCL 51A-6A-30.