Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 113

Scope

  (1)   This section applies to a reporting entity if:

  (a)   the reporting entity carried 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; and

  (b)   the 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.

Retention

  (2)   The reporting entity must retain the record, or a copy of the record, until the end of the first 7 - year period:

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

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

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.