Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a reporting entity if, immediately before this section commences, the reporting entity is retaining a record or a copy of a record, for the purposes of Part III of the Financial Transaction Reports Act 1988 , in relation to a customer to whom the reporting entity has provided, or is providing, a designated service.
(2) The reporting entity must continue to retain the record, or a copy of the record, until the end of the first 7 - year period 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.
(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.