Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 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.