Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 114

  (1)   If:

  (a)   a person (the first person ) carries out a procedure (the initial procedure ) mentioned in paragraph   37A(1)(a) or 38(b); and

  (b)   under section   37A or 38 and in connection with the initial procedure, Part   2 has effect as if a reporting entity had carried out an applicable customer identification procedure in respect of a customer; and

  (c)   the first person makes a record of the initial procedure and gives a copy of the record to the reporting entity;

the reporting entity must retain the copy until the end of the first 7 - year period:

  (d)   that began at a time after Part   2 had that effect; and

  (e)   throughout the whole of which the reporting entity did not provide any designated services to the customer.

Civil penalty

  (2)   Subsection   (1) is a civil penalty provision.