Storage Limitation
Personal data should be kept only for as long as needed for the purpose it was collected, including auction administration, AML/KYC, accounting, disputes, legal claims, security and audit evidence.
Legal Centre
Data Retention Schedule
How long key auction, account, KYC, payment and audit records are expected to be retained before deletion or anonymisation.
KYC and AML Records
Identity, address and source-of-funds evidence should normally be retained only for the legally required AML/compliance period, commonly five years after the relevant relationship or transaction ends, subject to legal advice.
Auction and Bid Records
Bid records, legal-pack acknowledgements, reserve/status evidence, winner confirmation, payment records and audit logs may need to be retained for six years or longer where legal claims, conveyancing records or auction evidence require it.
Deletion and Anonymisation
Where full deletion is not lawful or safe, account/profile details may be anonymised while legally required bid, payment, KYC and audit evidence is preserved.
Owner Approval Required
Final retention periods must be approved by Letterbox Auctions and its legal/data-protection adviser before public launch.
Independent advice
Property auction documents should be reviewed with appropriately qualified legal, financial, tax and surveying advisers before any binding decision is made.