Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 106

             (1)  The AML/CTF Rules may provide that, if a reporting entity commences to provide, or provides, a specified kind of designated service to a customer, the reporting entity must make a record of information relating to the provision of the service.

             (2)  The AML/CTF Rules may provide that, if a reporting entity commences to provide, or provides, a designated service to a customer in circumstances specified in the AML/CTF Rules, the reporting entity must make a record of information relating to the provision of the service.

             (3)  A record under subsection (1) or (2) must comply with such requirements (if any) as are specified in the AML/CTF Rules.

             (4)  A reporting entity must comply with AML/CTF Rules made for the purposes of this section.

Civil penalty

             (5)  Subsection (4) is a civil penalty provision.

Designated business groups

             (6)  If:

                     (a)  a reporting entity is a member of a designated business group; and

                     (b)  such other conditions (if any) as are specified in the AML/CTF Rules are satisfied;

the obligation imposed on the reporting entity by subsection (4) may be discharged by any other member of the group.