€23.47 – €26.01
Retention Guidelines
1. Retention Periods
- Active Transactions: Retain records of active or in-progress transactions indefinitely until they are completed or closed.
- Completed Transactions: Retain completed transaction records for a minimum of 7 years for auditing and compliance purposes.
- Historical Transactions:
- Archive records older than 3 years in a less-accessible storage tier (e.g., cold storage or data lake) while retaining availability for analytical purposes.
- After 7 years, anonymize or delete records unless legal, compliance, or historical reporting requirements mandate otherwise.
2. Archival Process
- Transactions older than 3 years:
- Move to cold storage solutions (e.g., Amazon S3 Glacier or Google Cloud Archive) to reduce costs.
- Ensure data remains retrievable within 48 hours if required for audits or analyses.
3. Anonymization
- Personally Identifiable Information (PII) in records older than 7 years should be anonymized to comply with privacy regulations such as GDPR or CCPA.
- Replace names, addresses, and payment details with hashed or null values.
4. Exemptions
- Legal Holds: Data subject to legal holds (e.g., ongoing litigation) must not be deleted until explicitly cleared for removal.
- Critical Analytics: Records required for long-term trends or historical modeling may be retained beyond standard periods, subject to management approval.
