Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 112

Scope

             (1)  This section applies to a reporting entity if the reporting entity carries out an applicable customer identification procedure in respect of a particular customer to whom the reporting entity provided, or proposed to provide, a designated service.

Records

             (2)  The reporting entity must make a record of:

                     (a)  the procedure; and

                     (b)  information obtained in the course of carrying out the procedure; and

                     (c)  such other information (if any) about the procedure as is specified in the AML/CTF Rules.

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

Civil penalty

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

Designated business groups

             (5)  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.