(1) A financial company, etc. shall create the records (hereafter referred to as "electronic financial transaction records" in this Article) necessary to trace and search the details of electronic financial transactions or to verify or correct any error in such details and shall preserve them for a period prescribed by Presidential Decree within up to five years. <Amended on May 22, 2013; Oct. 15, 2014>
(2) If the preservation period under paragraph (1) elapses and any commercial transaction relation, including financial transactions, is terminated, a financial company, etc. shall, within five years, destroy the relevant electronic financial transaction records (excluding credit information under the Credit Information Use and Protection Act; hereafter the same shall apply in this paragraph); provided, this shall not apply in any of the following cases: <Added on Oct. 15, 2014>
1. Where it is inevitable to meet any obligation under other statutes;
2. Other cases determined by the Financial Services Commission, where it is necessary to preserve electronic financial transaction records.
(3) The types, preservation methods, destruction procedures and methods of electronic financial transaction records to be preserved by financial companies, etc. in accordance with paragraphs (1) and (2), and the standards for determining the day when a commercial transaction relation is terminated shall be prescribed by Presidential Decree. <Amended on May 22, 2013; Oct. 15, 2014>[Title Amended on Oct. 15, 2014]