Record-keeping obligations require reporting entities to retain transaction and identity records with confidentiality and retention periods. Reporting entities must maintain transaction records enabling reconstruction and furnish prescribed information to the Director; preserve documents evidencing client and beneficial owner identity, account files and business correspondence. Such information is confidential except as provided by law. Transaction records are to be retained for five years from the date of the transaction; identity, account and correspondence records for five years after the business relationship ends or account closure. Central Government may exempt reporting entities or classes by notification.