Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 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.