Data Retention Policy

Definitions

Core Retention Principle

Backyard Finance must not retain personal information longer than necessary for its original purpose, or as long as you remain a client.

Authorized Exceptions to Retention Limits

Records may be retained beyond the standard period if:

• Retention is legally required or authorized
• The organization reasonably needs the record for lawful business purposes
• A contract between parties requires retention
• The data subject (or guardian for minors) has provided consent

Financial Intelligence Centre Act Requirements

Per Section 23 of the Financial Intelligence Centre Act 38 of 2001, an accountable institution must retain records for:

• Business relationships: At least five years from termination date
• Concluded transactions: At least five years from transaction date

Extended Retention for Research

Records may be kept beyond standard periods for historical, statistical, or research purposes, provided Backyard Finance has implemented appropriate safeguards preventing use for other objectives.

Decision-Making Records

When personal information supports decisions about a data subject, Backyard Finance must retain that record for periods required by the Legal Practitioners Act 22 of 2019 and Financial Intelligence Centre Act 38 of 2001.

Destruction Standards

Records must be destroyed or deleted "as soon as reasonably practicable" after authorization to retain expires. Destruction methods must prevent reconstruction in intelligible form.

Processing Restrictions

Backyard Finance may restrict processing when:

• Accuracy is contested (pending verification)
• Information is no longer needed but must be maintained as proof
• Processing is unlawful and deletion is opposed
• The data subject requests data transfer to another system

Restricted information may only be processed for proof purposes, with explicit consent, or for protecting rights of others or the public interest.

Contact Information

For questions about our data retention policy or to request information about your data:

info@backyardfinance.co.za