What are two requirements with respect to supporting documentation that is used to identify potentially suspicious activity, according to Financial Action Task Force? (Choose two.)

FATF Recommendation 11 explicitly requires financial institutions to maintain records of transactions and their supporting documentation for a minimum of five years from the date of the transaction or the end of the business relationship, establishing this as the global baseline standard.

A seven-year retention period may be mandated by certain national laws but it is not the FATF baseline standard; Recommendation 11 specifies five years as the minimum, and conflating national rules with FATF requirements is a common exam distractor.

FATF standards further require that retained records be kept in a manner that allows them to be retrieved and provided promptly upon request by competent authorities, ensuring that accessibility - not just storage - is part of the compliance obligation.

FATF does not restrict record disclosure exclusively to a formal subpoena or court-order process; competent authorities can request records through supervisory channels, and institutions must provide them promptly without requiring judicial compulsion.