Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 114

Scope

             (1)  This section applies if:

                     (a)  on a particular day (the customer identification day ), a reporting entity (the first reporting entity ) carried out the applicable customer identification procedure in respect of a particular customer to whom the reporting entity provided, or proposed to provide, a designated service; and

                     (b)  under section 38, Part 2 has effect as if the applicable customer identification procedure had also been carried out in respect of the customer by another reporting entity (the second reporting entity ); and

                     (c)  the first reporting entity made a record of:

                              (i)  the procedure; or

                             (ii)  information obtained in the course of carrying out the procedure; or

                            (iii)  such other information (if any) about the procedure as is specified in the AML/CTF Rules; and

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

Copy of record to be given to second reporting entity

             (2)  If:

                     (a)  on the customer identification day, the customer is a customer to whom the second reporting entity provides, or proposes to provide, a designated service; and

                     (b)  the second reporting entity does not already have a copy of the record;

the second reporting entity must, by written notice given to the first reporting entity within 5 business days after that day, request the first reporting entity to give the second reporting entity a copy of the record within 5 business days after the request is given.

             (3)  If:

                     (a)  on a day later than the customer identification day, the customer becomes a customer to whom the second reporting entity provides, or proposes to provide, a designated service; and

                     (b)  the second reporting entity does not already have a copy of the record;

the second reporting entity must, by written notice given to the first reporting entity within 5 business days after that later day, request the first reporting entity to give the second reporting entity a copy of the of the record within 5 business days after the request is given.

             (4)  The first reporting entity must comply with a request under whichever of subsections (2) and (3) is applicable.

Retention of copy by second reporting entity

             (5)  If the first reporting entity gives a copy of the record to the second reporting entity, the second reporting entity must retain the copy until the end of the first 7‑year period:

                     (a)  that began at a time after the applicable customer identification procedure was carried out; and

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

Civil penalty

             (6)  Subsections (2), (3), (4) and (5) are civil penalty provisions.

Designated business groups

             (7)  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;

an obligation imposed on the reporting entity by subsection (2), (3), (4) or (5) may be discharged by any other member of the group.