Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 108

Scope

             (1)  This section applies if:

                     (a)  a document relating to the provision, or prospective provision, of a designated service by a reporting entity is given to the reporting entity by or on behalf of the customer concerned; and

                     (b)  the reporting entity commences, or has commenced, to provide the service to the customer.

             (2)  The reporting entity must retain:

                     (a)  the document; or

                     (b)  a copy of the document;

for 7 years after the giving of the document.

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.