Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 107

Scope

             (1)  This section applies if:

                     (a)  a reporting entity makes a record of information relating to the provision of a designated service to a customer; and

                     (b)  the record is not declared by the AML/CTF Rules to be exempt from this section.

Retention

             (2)  The reporting entity must retain:

                     (a)  the record; or

                     (b)  a copy of the record; or

                     (c)  an extract from the record showing the prescribed information;

for 7 years after the making of the record.

Civil penalty

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

Designated business groups

             (4)  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 (2) may be discharged by any other member of the group.