Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 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.