Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 (NO. 169, 2006) - SECT 117

Scope

             (1)  This section applies to a financial institution if the financial institution prepared a record under subsection 97(2) or 98(2).

Retention

             (2)  The financial institution must retain the record, or a copy of the record, for 7 years after the completion of the preparation of the record.

Civil penalty

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